Idorsia increases the consent fee in connection with the proposed
restructuring of the 2024 convertible bond
Ad hoc announcement pursuant to Art. 53 LR The proposed consent fee will be
increased to 8’000’000 Idorsia shares. All other matters as proposed on April
23, 2024, remain unchanged. The bondholder meeting will take place on May 6,
2024, in order to vote on the proposals published on April 23, 2024.
Allschwil, Switzerland – May 1, 2024
Idorsia Ltd (SIX: IDIA) today announced that in relation to the bondholder
meeting for holders of its outstanding convertible bonds maturing on July 17,
2024 (ISIN: CH0426820350) (the Bonds), Idorsia has improved the consent fee to
8’000’000 Idorsia shares up from 5’000’000.
Other elements of the proposal published on April 23, 2024 such as the (i)
amendment to the conversion price to CHF 6.00 (from currently CHF 33.95), (ii)
extension of the maturity date by six months to January 17, 2025 and (iii)
giving Idorsia the option to call the Bonds at par, in full or in part, at any
time upon giving ten trading days' notice, remain unchanged. Bondholders can
access the invitation to the bondholder meeting and other documents in
connection with the bondholder meeting at the following link:
www.idorsia.com/2024-bond
André C. Muller, Chief Financial Officer, commented:
“We have decided to improve our offered consent fee to 8 million Idorsia
shares. Based on interactions with some significant bondholders and the
continued support of Jean-Paul and Martine Clozel, we are confident to reach
the required two thirds majority of the Bonds’ aggregate principal amount that
will give us the flexibility to secure other funding avenues and extend our
cash runway.”
Idorsia has appointed J.P. Morgan Securities plc to act as Dealer Manager for
the bondholder solicitation process.
About Idorsia
Idorsia Ltd is reaching out for more – We have more ideas, we see more
opportunities and we want to help more patients. In order to achieve this, we
will develop Idorsia into a leading biopharmaceutical company, with a strong
scientific core.
Headquartered near Basel, Switzerland – a European biotech-hub – Idorsia is
specialized in the discovery, development and commercialization of small
molecules to transform the horizon of therapeutic options. Idorsia has a
25-year heritage of drug discovery, a broad portfolio of innovative drugs in
the pipeline, an experienced team of professionals covering all disciplines
from bench to bedside, and commercial operations in Europe and North America –
the ideal constellation for bringing innovative medicines to patients.
Idorsia was listed on the SIX Swiss Exchange (ticker symbol: IDIA) in June
2017 and has over 750 highly qualified specialists dedicated to realizing our
ambitious targets.
For further information, please contact
Andrew C. Weiss
Senior Vice President, Head of Investor Relations & Corporate Communications
Idorsia Pharmaceuticals Ltd, Hegenheimermattweg 91, CH-4123 Allschwil
+41 58 844 10 10
investor.relations@idorsia.com
media.relations@idorsia.com
www.idorsia.com
The above information contains certain 'forward-looking statements', relating
to the company's business, which can be identified by the use of
forward-looking terminology such as 'estimates', 'believes', 'expects', 'may',
'are expected to', 'will', 'will continue', 'should', 'would be', 'seeks',
'pending' or 'anticipates' or similar expressions, or by discussions of
strategy, plans or intentions. Such statements include descriptions of the
company's investment and research and development programs and anticipated
expenditures in connection therewith, descriptions of new products expected to
be introduced by the company and anticipated customer demand for such products
and products in the company's existing portfolio. Such statements reflect the
current views of the company with respect to future events and are subject to
certain risks, uncertainties and assumptions. Many factors could cause the
actual results, performance or achievements of the company to be materially
different from any future results, performances or achievements that may be
expressed or implied by such forward-looking statements. Should one or more of
these risks or uncertainties materialize, or should underlying assumptions
prove incorrect, actual results may vary materially from those described herein
as anticipated, believed, estimated or expected.