Mirum Pharma drops on announcing $600 mln convertible debt deal

Mirum Pharmaceuticals

12/05/2026 21:17

** Shares of Mirum Pharmaceuticals MIRM.O drop 2% to $104.64 in extended trading as it seeks capital

** MIRM announces private offering of $600 mln convertible bonds (CBs) due 2032

** Co intends to use portion of net offering proceeds and issue common stock in exchange for a portion of its outstanding 4% CBs due 2029, remainder for general corp purposes

** MIRM stock ended up 0.7% at $106.88 on Tues, up 35% YTD

** Co last week said its rare liver disease drug, volixibat, met main goal in mid-stage study

** Foster City, California-based co has $6.5 bln market cap

** All 11 analysts are bullish on the stock including 4 "strong buy" ratings; median PT of $140 up from $128 a month ago, per LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))