Liquidity as of March 31, 2020

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 Idorsia 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, 2020, liquidity consisted of cash and cash equivalents of CHF 95 million, short-term deposits of CHF 357 million and long-term deposits of CHF 180 million.

Liquidity of CHF 632 million as of March 31, 2020, was mainly held in Swiss francs (CHF 515 million) and in US dollars (equivalent of CHF 111 million).

Total debt as of March 31, 2020

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 Idorsia, which was convertible into ordinary shares of Idorsia 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 19, 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 Idorsia.

Further details can be found in the Full Year 2019 Financial Report.


Senior Unsecured Convertible Bonds

On July 17, 2018, Idorsia issued CHF 200 million of senior unsecured convertible bonds (the “Bonds”) divided into 1,000 bonds with a denomination of CHF 200,000 each. The Bonds were issued at par.

The bonds have a coupon of 0.75% per annum and are convertible into shares in Idorsia at a conversion price of CHF 33.95 per share, subject to customary antidilution provisions and dividend protection. Interest is payable annually in arrears. The bonds have a term of six years, maturing on July 17, 2024, and will be redeemed at 100% of the principal amount.

Further details can be found in the Full Year 2019 Financial Report.

Cash raise in May 2020

In May 2020, Idorsia raised CHF 330 million by placing 11 million new registered shares of CHF 0.05 par value each at CHF 30 per new share, by way of an accelerated book-building process.