Following the expiry of the appeal period for the amended terms approved at the CB 2025 bondholder meeting of February 25, 2025 – during which no appeal was filed – invitations to the next bondholder meetings for holders of its outstanding CHF 200 million convertible bonds maturing in 2025 (CB 2025; ISIN CH0426820350), and CHF 600 million convertible bonds maturing in 2028 (CB 2028; ISIN CH1128004079) were published on June 6, 2025.

• Jun 6, 2025: Idorsia publishes invitations to bondholder meetings
• Jun 25, 2025: Bondholders approve amended terms of the 2025 and 2028 convertible bonds

June 25, 2025, at 17:30 CEST, at the offices of Homburger AG, Prime Tower, Hardstrasse 201, 8005 Zurich, Switzerland

The invitation to the bondholder meeting set out the terms of the resolutions voted upon.

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH IT WOULD BE UNLAWFUL TO DO SO.

• CB 2025 Bondholder Meeting Invitation
• Proxy Form
• Blocking Certificate

The unaudited financial status, as of April 30, 2025, was required in connection with the invitation to the bondholder meeting. 

• Unaudited Financial Status as of April 30, 2025

The CHF 200 million convertible bonds (CB 2025) 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.

On 20 December 2024, Idorsia announced that an extension to the CB 2025 is required given the near-term maturity and the inability of the company to repay the bonds at this time. 

It also announced that the company is in discussions with certain holders of the CB 2025 and the CHF 600,000,000 Senior Unsecured Convertible Bonds due 2028 (Swiss Security Number: 112800407; ISIN CH1128004079) (the CB 2028) to amend the terms of both instruments following the extension of the CB 2025. Based on Idorsia's liquidity forecasts, the restructuring of the company’s outstanding debt, including the CB 2025 and the CB 2028 is one of the prerequisites to allow the company to continue to operate on a long-term basis. 

In order to implement the extension of the CB 2025 as the first step of the restructuring, Idorsia called a bondholder meeting in accordance with articles 1164 et seqq. of the Swiss Code of Obligations (the Bondholder Meeting).
 

• Jan 13, 2025: Idorsia to call for a bondholder meeting
• Jan 14, 2025: Idorsia publishes an invitation to a bondholder meeting
• Feb 12, 2025: Idorsia publishes the resolutions for the upcoming bondholder meeting
• Feb 25, 2025: Bondholders approve amended terms of the 2025 convertible bonds
• April 16, 2025: Higher cantonal composition authority approved the amendments to the terms of the 2025 convertible bond

February 25, 2025, at 17:30 CET, at the offices of Homburger AG, Prime Tower, Hardstrasse 201, 8005 Zurich, Switzerland

The invitation to the bondholder meeting set out the terms of the resolutions voted upon.

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH IT WOULD BE UNLAWFUL TO DO SO.

• Bondholder Meeting Invitation

The unaudited financial status, as of December 31, 2024, was required in connection with the invitation to the bondholder meeting. 

• Unaudited Financial Status as of December 31, 2024