Idorsia successfully completes the offering of new shares thereby securing funding for the company’s growth plan

•      Idorsia successfully completes the offering of 11 million new shares with gross proceeds of CHF 330 million

Allschwil, Switzerland – May 20, 2020
Idorsia Ltd (SIX: IDIA, “Idorsia”) today announced that it has successfully placed 11 million new shares (the “Offer Shares”), corresponding to 8.4% of Idorsia’s currently issued share capital, by way of an accelerated book-building process. 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.

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.”

Idorsia placed 11 million new registered shares of CHF 0.05 par value each at CHF 30 per new share (the “Offer Price”). 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.

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.

Barclays Bank PLC (“Barclays”) and Credit Suisse acted as Joint Bookrunners in connection with the offering whilst Octavian acted as a selling agent.

Notes to the editor

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 one of Europe’s leading biopharmaceutical companies, with a strong scientific core.