Lumena Pharmaceuticals, Shire deal

Shire will acquire Lumena for $260 million in cash up front. Lumena will also receive an undisclosed payment for its net cash and is eligible for undisclosed milestone payments tied to clinical trials of LUM001. The product is in Phase II testing for four Orphan indications: adults with primary biliary cirrhosis (PBC); children with Alagille syndrome; children with progressive familial intrahepatic cholestasis (PFIC); and adults with primary sclerosing cholangitis (PSC). Data from the Alagille trial are expected next half; data from the remaining studies are expected by late this year or early next year. Lumena's other clinical stage compound, LUM002, is slated to start a Phase II trial in nonalcoholic steatohepatitis (NASH) next half. LUM001 and LUM002 are oral inhibitors of solute carrier family 10 sodium-dependent bile acid transporter member 2 ( SLC10A2; ASBT; IBAT). Citi was Lumena's financial advisor on the deal, which is slated to close this quarter.

Lumena filed to raise up to $75 million in an IPO in April. The company raised $45.5 million in a series B round in March. ...