Ad hoc announcement pursuant to Art. 53 LR
- A bondholder meeting will take place on February 25, 2025, to vote on proposals to amend the terms of the outstanding convertible bonds maturing on January 17, 2025, including an extension of the maturity by at least six months
Idorsia Ltd (SIX: IDIA) today announced that it has published an invitation to a bondholder meeting for holders of its outstanding convertible bond (ISIN: CH0426820350) (the Bonds or CB 2025) with a nominal value of CHF 200 million and a conversion price of CHF 6.00 per Idorsia share, maturing on January 17, 2025. At the meeting, the company will propose changing the current terms of the Bonds to avoid short-term liquidity constraints in connection with the redemption of the Bonds.
Upon the publication of the invitation, the obligations under the CB 2025 are stayed in accordance with article 1166 of the Swiss Code of Obligations. For this reason, the CB 2025 will not be repaid on January 17, 2025, and accordingly no interest payment will be made on January 17, 2025.
Bondholders can access the invitation to the bondholder meeting scheduled for February 25, 2025, at the following link: www.idorsia.com/CB2025. Terms of the resolution, a financial status report, and additional information about the meeting will be set out in a supplement to the invitation, that will be published at least 10 days before the meeting date.
Notes to the editor
About the 2025 convertible bond
The CHF 200 million convertible bonds issued in 2018 (ISIN CH0426820350) initially had a term of six years, maturing on July 17, 2024. On May 6, 2024, a bondholders' meeting approved modifications to the terms of the convertible bonds to, among others, amend the conversion price to CHF 6.00 per Idorsia share (from CHF 33.95) and extend the maturity date by six months to January 17, 2025.
About Idorsia
Idorsia Ltd is reaching out for more - we have more passion for science, we see more opportunities, and we want to help more patients.
The purpose of Idorsia is to challenge accepted medical paradigms, answering the questions that matter most. To achieve this, we will discover, develop, and commercialize transformative medicines - either with in-house capabilities or together with partners - and evolve Idorsia into a leading biopharmaceutical company, with a strong scientific core.
Headquartered near Basel, Switzerland - a European biotech hub - Idorsia has a highly experienced team of dedicated professionals, covering all disciplines from bench to bedside; QUVIVIQ™ (daridorexant), a different kind of insomnia treatment with the potential to revolutionize this mounting public health concern; strong partners to maximize the value of our portfolio; a promising in-house development pipeline; and a specialized drug discovery engine focused on small-molecule drugs that can change the treatment paradigm for many patients.
Idorsia is listed on the SIX Swiss Exchange (ticker symbol: IDIA).
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
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.
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