Idorsia raises CHF 330 million in new share offering

Idorsia placed 11 million new registered shares of CHF 0.05 par value each at CHF 30 per new share (the “Offer Price”), by way of an accelerated book-building process. The Offer Shares, corresponding to 8.4% of Idorsia’s currently issued share capital, will be issued from Idorsia’s existing authorized share capital excluding subscription rights of existing shareholders. It is anticipated that the listing and the admission to trading of the Offer Shares according to the International Reporting Standard of SIX Swiss Exchange will become effective on or around May 22, 2020. The Offer Shares will rank pari passu with the existing shares.

The net proceeds from this offering will help Idorsia to prepare to launch its first commercial product and continue to fund the development of its other attractive and late-stage pipeline candidates including aprocitentan, clazosentan and lucerastat, as well as its diverse early-stage and preclinical pipeline.

In connection with the offering, Idorsia agreed to a 90-day lock-up period. Jean-Paul and Martine Clozel, the principal shareholders of Idorsia, purchased 28.4% of the Offer Shares at the Offer Price in order to maintain their current shareholding and have agreed to a lock-up period of 180 days after the listing of the Offer Shares, subject to customary exceptions.

André C. Muller, Chief Financial Officer, commented: “I am very pleased with the way this round of fundraising has gone, to the point where we increased the amount offered. We saw great demand for the newly created shares from very high-quality investors who focus on true value creation and buy-in to our long-term strategy to invest in a broad pipeline of innovative drugs.”

Based in Basel, Idorsia is specialized in the discovery and development of small molecules, to transform the horizon of therapeutic options. The company has a broad portfolio of innovative drugs in the pipeline, an experienced team, a fully-functional research center, and a strong balance sheet – the ideal constellation to bringing R&D efforts to business success.

(Press release)