Mirum Pharmaceuticals (NASDAQ: MIRM) announced that it has closed a $620 million transaction to acquire Bluejay Therapeutics, a privately held biotechnology company focused on viral and liver diseases. The deal gives Mirum worldwide rights to brelovitug, a fully human monoclonal antibody in late‑stage development for chronic hepatitis delta virus (HDV), a rare and severe liver disease with no approved U.S. therapies.
The transaction was financed with $250 million in cash and $370 million in Mirum common stock, with up to $200 million in milestone payments tied to the global AZURE Phase 3 program. The deal also includes a $268.5 million private‑placement financing that Mirum completed earlier in the year to support the acquisition and future development of brelovitug.
Brelovitug has earned FDA Breakthrough Therapy designation and European Medicines Agency PRIME designation. Its Phase 2 study reported a 100 % virologic response rate in HDV patients, and topline data from the AZURE Phase 3 program are expected in the second half of 2026. A U.S. and European launch is projected for 2027, potentially making brelovitug the first approved therapy for HDV.
Strategically, the acquisition expands Mirum’s rare‑disease portfolio beyond its existing cholestatic liver disease assets. Brelovitug complements Mirum’s IBAT inhibitor portfolio and provides a new therapeutic modality that addresses a critical unmet need. The company can leverage its rare‑disease commercialization expertise to accelerate brelovitug’s development and market entry, creating a capital‑efficient growth opportunity.
Mirum’s recent financial performance underscores the strategic fit of the acquisition. The company reported preliminary unaudited net product sales of approximately $520 million for 2025, exceeding guidance and marking the first profitable quarter in its history. For 2026, Mirum projects global net product sales of $630 million to $650 million, a year‑over‑year growth of up to 25 %. The acquisition is expected to support this trajectory by adding a high‑potential asset to the pipeline and providing additional revenue streams as brelovitug moves toward launch.
CEO Chris Peetz said the deal “strengthens Mirum’s position in the liver‑disease market and aligns with our focus on rare diseases.” He added that the company is “confident in our ability to deliver for HDV patients” and that the acquisition “provides a new therapeutic modality that complements our existing portfolio.”
The completion of the Bluejay acquisition positions Mirum as a leading player in rare liver diseases, with a pipeline that now includes volixibat for PSC and PBC, brelovitug for HDV, and MRM‑3379 for Fragile X syndrome. The addition of a first‑in‑class HDV therapy could unlock significant market potential and reinforce Mirum’s strategy of pursuing high‑impact, high‑margin rare‑disease assets.
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