Liquidity as of September 30, 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).
On May 22, 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.
As of September 30, 2020, liquidity consisted of cash and cash equivalents of CHF 148 million and short-term deposits of CHF 668 million.
Liquidity of CHF 816 million as of September 30, 2020, was mainly held in Swiss francs (CHF 628 million) and in US dollars (equivalent of CHF 179 million).
Update: On October 23, 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.
Total debt as of September 30, 2020
|Type of debt||Debt holder||Amount||
|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, which were sold by Cilag in a secondary offering on July 8, 2020. Cilag no longer holds any equity but the full conversion, which is subject to some limitations, of its convertible loan would entitle Cilag to hold 20% equity on a fully diluted basis (as of Sep 30, 2020).
Further details can be found in the Half Year 2020 and the Nine-Month 2020 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 Half Year 2020 Financial Report.