MIRM - Mirum Pharmaceuticals: Livmarli Approval Could Spark A Bull Run For This Young Biotech

• Mirum recently won approval for Livmarli in Alagille syndrome, a rare liver disorder with a market opportunity of ~$1bn.
• The company is heavily loss making, but has >$230m in cash which it says will be sufficient for 3 years.
• There is plenty of opportunity to expand the label of Livmarli and the asset has blockbuster potential.
• A major rival is Albireo's Bylvay, which is approved for Progressive Familial Intrahepatic Cholestasis - a target for Mirum / Livmarli.
• Both companies have similar valuations, but perhaps Mirum is the marginally smarter investment, based on a more advanced clinical pipeline. I can see incremental, rather than sudden upside for this biotech.

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