Mirum Pharmaceuticals announced a definitive agreement to acquire Bluejay Therapeutics for up to $820 million, comprising $250 million in cash, $370 million in Mirum common stock, and up to $200 million in milestone payments tied to sales and regulatory milestones.
The transaction will be financed in part by a $200 million private placement that Mirum completed earlier this year, giving the company additional liquidity to support the acquisition and future pipeline development.
Bluejay, founded in 2019, has raised $243 million from investors such as Frazier Healthcare Partners and RA Capital Management. Its flagship asset, brelovitug, is a late‑stage monoclonal antibody that has earned FDA Breakthrough Therapy and EMA PRIME designations and is in a global Phase 3 AZURE program expected to deliver top‑line data in the second half of 2026.
Chronic hepatitis delta virus (HDV) affects roughly 230,000 people in the U.S. and Europe and currently has no approved therapies. Brelovitug has shown 100 % HDV RNA response in Phase 2 studies, positioning it as a potentially first‑in‑class treatment that could fill a critical unmet need and generate significant commercial upside if the Phase 3 results are positive.
Mirum’s Q3 2025 results showed revenue of $133 million, a 47 % year‑over‑year increase, and the first positive net income of about $3 million, underscoring the company’s improving financial health. The acquisition expands Mirum’s rare‑disease portfolio beyond cholestatic liver disorders into a viral‑liver indication, adding a fourth potential registrational readout within 18 months and leveraging Mirum’s existing commercial capabilities in the liver‑disease market.
Analysts have noted the strategic fit of brelovitug with Mirum’s liver‑disease expertise and the high unmet need in HDV, viewing the deal as a value‑creating opportunity. While the transaction’s size and the need for additional financing raised short‑term valuation concerns, the long‑term upside is driven by brelovitug’s potential to become the first approved therapy for HDV and the synergies with Mirum’s existing portfolio.
The parties expect the deal to close in the first quarter of 2026, subject to regulatory approval and customary closing conditions. If the Phase 3 AZURE program delivers positive data as scheduled, brelovitug could reach U.S. and European launch in 2027, positioning Mirum to capture a sizable share of the HDV market and strengthen its rare‑disease pipeline.
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