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Mirum Pharmaceuticals (Nasdaq: MIRM) agreed to buy biotech Bluejay Therapeutics in a rare-disease deal worth as much as $820 million. 

Why it matters: The transaction is the latest in a series of biopharma acquisitions this year, values of which have now outpaced all of 2024.

By the numbers: Mirum will acquire all outstanding Bluejay shares for $250 million in cash and $370 million in common stock.

Mirum also agreed to pay potential tiered sales-based milestone payments of up to $200 million in cash.

Finally, Foster City, Calif.-based Mirum said it will close a $200 million private placement for clinical development and commercialization.

Morgan Stanley and Cooley advised Mirum. Centerview Partners and Latham & Watkins advised Redwood City, Calif.-based Bluejay.

Zoom in: Acquiring Bluejay gives Mirum worldwide rights to brelovitug, a Phase 3, monoclonal antibody for chronic hepatitis delta virus (HDV), the most severe form of hepatitis.

Trial data is expected in the second half of next year and the drug could launch in 2027, the companies said.

Phase 2 studies of brelovitug indicated strong antiviral activity in HDV and improvements in liver enzyme levels.

Catch up quick: Founded in 2019, Bluejay had raised more than $240 million from Novo Holdings, Wellington Management and Arkin Bio Ventures, per PitchBook.

The company was reportedly considering going public earlier this year but never did. 

What's next: The transaction has been approved by both companies' boards and is expected to close in the first quarter of 2026. 

Mirum said it will evaluate "strategic options" for Bluejay's other earlier-stage investigational drug programs after the deal closes.

Mirum Pharma to buy Bluejay Therapeutics for up to $820M

It's the latest in a slew of recent biopharma M&A deals.

Illustration of a pattern of caduceus gradually becoming dollar signs

Mirum Pharmaceuticals (Nasdaq: MIRM) agreed to buy biotech Bluejay Therapeutics in a rare-disease deal worth as much as $820 million. Why it matters: The transaction is the latest in a series of biopharma acquisitions this year, values of which have now <a class="gtmContentClick" data-vars-link-text="outpaced" data-vars-click-url="https://www.axios.com/pro/biotech-deals/2025/12/05/biotech-dealmaking-fda-turmoil" data-vars-content-id="d08ae384-1e2c-4ae3-ae75-59b732a2f29e" data-vars-headline="Mirum Pharma to buy Bluejay Therapeutics for up to $820M" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/pro/biotech-deals/2025/12/05/biotech-dealmaking-fda-turmoil" target="_self">outpaced</a> all of 2024.

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Mirum Pharma to buy Bluejay Therapeutics for up to $820M

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