Liquidity as of September 30, 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 September 30, 2019, liquidity consisted of cash and cash equivalents of CHF 385 million, short-term deposits of CHF 210 million and long-term deposits of CHF 280 million.

Liquidity of CHF 875 million at September 30, 2019,  was mainly held in Swiss francs (CHF 712 million) and in US dollars (equivalent of CHF 148 million).

On September 30, 2019, the Group had an undrawn credit line from Cilag. Further details can be found in the Half Year 2019 Financial Report.

Total Debt as of September 30, 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 Half Year 2019 Financial Report.


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 Half Year 2019 Financial Report.