Liquidity as of June 30, 2023
At the end of the first half of 2023, Idorsia’s liquidity amounted to CHF 33 million.
The liquidity of CHF 33 million includes the proceeds of Sosei Heptares (CHF 10 million) and the bridge loan (CHF 20 million), but excludes the cash held by the Japanese and Korean affiliates (CHF 11 million) included in a separate line item “Assets held for sale” in the Half Year Financial Report 2023.
Transaction with Sosei Heptares
On July 20, 2023, Idorsia sold its operating businesses in the Asia Pacific (ex-China) region to Sosei Heptares for a total consideration of CHF 400 million.
Total debt as of June 30, 2023
|Type of debt||Debt holder||Nominal Amount||
|Convertible loan||Cilag Holding AG||CHF 335 million||June 15, 2027|
|Convertible bonds||-||CHF 200 million||July 17, 2024|
|Convertible bonds||-||CHF 600 million||August 4, 2028|
|Sale and leaseback transaction||-||CHF 164 million||-|
|Other financial debt*||-||CHF 30 million||-|
*Loan from Sosei Heptares
On June 15, 2023, Sosei Heptares provided a loan of CHF 10 million to Idorsia. On July 20, the loan was offset against the consideration due from Sosei Heptares for the sale of the Asia Pacific (ex China) operations.
In order to bridge the completion of the transaction with Sosei Heptares, Idorsia secured a loan with Jean-Paul Clozel, CEO, Member of the Board of Directors and Idorsia’s largest shareholder, for up to CHF 75 million. Idorsia drew down a first tranche of CHF 20 million in June and an additional tranche of CHF 30 million in July. The loan was fully repaid on July 21, 2023.
More information can be found in the Half Year Financial Report 2023.