Idorsia successfully completes convertible bonds restructuring

Core Viewpoint - Idorsia Ltd has successfully completed a repurchase offer for its convertible bonds, significantly reducing its outstanding debt and restructuring its financial obligations [1][4]. Group 1: Repurchase Offer Details - The repurchase offer for the CHF 204 million convertible bonds maturing in 2025 (CB 2025) saw bondholders accept an aggregate nominal value of CHF 187,476,000, which is 91.90% of the total issued nominal value [2]. - For the CHF 600 million convertible bonds maturing in 2028 (CB 2028), bondholders accepted an aggregate nominal value of CHF 567,200,000, corresponding to 94.53% of the total issued nominal value [2]. - The settlement involved the issuance of A1 Notes (CHF 120,037,805), A2 Notes (CHF 254,962,195), and B Notes (CHF 379,676,000), along with 8,040,000 Exchange Shares and 8,040,000 Exchange Warrants [3]. Group 2: Financial Restructuring - The completion of the repurchase offer is part of a broader restructuring plan agreed upon with a majority of bondholders, initially announced on February 26, 2025 [4]. - A total nominal value of CHF 761,779,000 in A1, A2, and B Notes has been issued by Idorsia Investments SARL as part of this restructuring [4]. - The company plans to establish an equity line for up to 20,000,000 shares, set to expire at the end of February 2026, to extend its cash runway into 2027 [5]. Group 3: Company Overview - Idorsia aims to challenge established medical paradigms by discovering, developing, and commercializing transformative medicines, positioning itself as a leading biopharmaceutical company [6]. - The company is headquartered near Basel, Switzerland, and has a strong focus on small-molecule drugs, with a promising in-house development pipeline [7]. - Idorsia is listed on the SIX Swiss Exchange under the ticker symbol IDIA [8].