Liquidity as of June 30, 2021

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.

On May 20, 2020, Idorsia privately placed 11 million new registered shares of CHF 0.05 par value from existing authorized share capital at CHF 30 per new share receiving gross proceeds of CHF 330 million through an accelerated book-building process.

On October 22, 2020, Idorsia issued 23.8 million new registered shares from existing authorized share capital at CHF 22.50 per new share receiving gross proceeds of CHF 535.5 million through an at-market rights offering.

At the end of the first half of 2021, Idorsia’s liquidity (including cash, cash equivalents, short- and long-term deposits) amounted to CHF 927 million.

Liquidity of CHF 927 million at June 30, 2021 was mainly held in Swiss francs (CHF 681 million) and in US dollars (equivalent of CHF 237 million).

Update: On July 28, 2021, the Group placed CHF 600 million senior unsecured convertible bonds due 2028 convertible into approx. 19.0 million shares of the Group.

 

Total debt as of June 30, 2021

Type of debt Debt holder Nominal 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. These shares were sold by Cilag in a secondary offering on July 8, 2020. The remaining amount of CHF 445 million outstanding as of June 30, 2021, may be converted into 38,715,114 shares of Idorsia by Cilag.

Further details can be found in the Half Year Financial Report 2021.


Senior Unsecured Convertible Bonds

On July 17, 2018, Idorsia issued CHF 200 million (1,000 bonds with a denomination of CHF 200,000 per bond) of senior unsecured convertible bonds. The bonds were issued at par.

The bonds have an interest rate of 0.75% per annum and a conversion price of CHF 33.95, 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 Half Year Financial Report 2021.