Idorsia began its operations after the demerger from Actelion on June 15, 2017, and registered shares of Idorsia Ltd were listed on the SIX Swiss Exchange the following day. 

Idorsia’s team aims to rapidly advance its promising late-stage pipeline as well as its diverse early-stage and preclinical pipeline. The team will also establish Idorsia's commercial readiness, so as to bring Idorsia to profitability within the first 5 years.

Liquidity as of March 31, 2019

Idorsia started with CHF 1 billion in cash at the demerger with CHF 420 million from the spinoff from Actelion and CHF 580 million from the convertible loan provided by Cilag.

In July 2018 the Group raised CHF 505 million through the concurrent issuance of new shares and convertible bonds resulting in net proceeds of CHF 498 million due to issuance costs (CHF 4 million) and stamp duty (CHF 3 million).

As of March 31, 2019, liquidity consisted of cash and cash equivalents of CHF 718 million, short-term deposits of CHF 94 million and long-term deposits of CHF 300 million.

Liquidity of CHF 1,111 million at March 31, 2019,  was mainly held in Swiss francs (CHF 912 million) and in US dollars (equivalent of CHF 192 million).

On December 31, 2018, the Group had an undrawn credit line of CHF 243 million from Cilag. The Group does not pay any commitment fee on the undrawn credit line and would pay interest at a rate of LIBOR plus 2% per year on drawn amounts. The maturity date of the facility is June 19, 2032.

Total Debt as of March 31, 2019

Type of debt Debt holder Amount

Debt maturity

Convertible loan Cilag Holding AG CHF 445 million June 15, 2027
Convertible bonds - CHF 200 million July 17, 2024

 

Convertible loan - Cilag

On June 15, 2017 Cilag Holding AG ("Cilag") provided a loan of CHF 580 million to the Group, which was convertible into ordinary shares of the Group up to an aggregate of 32% of the share capital at the time that the loan was provided. The loan does not carry interest, has a term of 10 years and matures on June 15, 2027.

On June 17, 2017, a first tranche of the convertible loan of CHF 135 million was mandatorily converted and Cilag acquired 11,793,220 of the shares of the Company.

Further details can be found in the Financial Report of Idorsia's Annual Report 2018.


Senior Unsecured Convertible Bonds

On July 17, 2018 the Group issued CHF 200 million of senior unsecured convertible bonds (“the Bonds”). The Bonds mature on July 17, 2024 and are convertible into 5.9 million registered shares of the Group, sourced from existing conditional share capital, on or after August 27, 2018. The Bonds have a coupon of 0.75% and a conversion price of CHF 33.95, corresponding to a conversion premium of 32.5% above the bookbuilding price of the privately placed newly issued shares.

Further details can be found in the Financial Report of Idorsia's Annual Report 2018.