Mirum Pharmaceuticals has entered into a definitive agreement to acquire Bluejay Therapeutics for up to $820 million, further strengthening its portfolio in severe and underserved liver diseases.
Through this transaction, Mirum gains global rights to brelovitug, a late-stage monoclonal antibody in development for chronic hepatitis D—one of the most aggressive viral liver diseases, affecting an estimated 230,000 patients across the U.S. and Europe and currently lacking any approved therapies.
Deal Structure
- $250M cash
- $370M in Mirum stock
- Up to $200M in commercial milestone payments
Analysts have described the move as a highly strategic acquisition with an attractive upfront cost and strong clinical rationale.
Why This Matters
- Chronic hepatitis D leads to rapid liver damage and cancer; nearly 50% of patients die within 10 years.
- Mid-stage data showed 100% viral load reduction after 48 weeks, with up to 82% achieving normalized liver enzymes.
- Estimated global revenue potential ≥ $750M, with a target market of 2,000–3,000 patients at peak.
To support development and future commercialization, Mirum has secured $200M in private placement financing.
Next Milestones
- Late-stage clinical results expected: 2H 2026
- Potential U.S. regulatory submission and launch: 2027
- Transaction expected to close in Q1 2026
Mirum (market cap ≈ $3.52B) saw shares move slightly lower following the announcement, but the acquisition positions the company for significant long-term value creation.