Liquidity as of September 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.

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

As of September 30, 2021, liquidity consisted of cash and cash equivalents of CHF 122 million, short-term deposits of CHF 1,117 million and long-term deposits of CHF 160 million.

Liquidity of CHF 1,399 million at September 30, 2021 was mainly held in Swiss francs (CHF 1,180 million) and in US dollars (equivalent of CHF 211 million).

 

Total debt as of September 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 bonds - CHF 600 million August 4, 2028

 

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.

 

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.

On July 28, 2021, Idorsia placed CHF 600 million senior unsecured convertible bonds (the “Bonds”), due 2028. The Bonds have a maturity of 7 years and are convertible into 19.0 million newly issued registered shares of Idorsia, sourced from the existing listed conditional share capital, on or after September 14, 2021.

The Bonds have a coupon of 2.125%, and a conversion price of CHF 31.54, corresponding to a conversion premium of 40% above the reference share price of CHF 22.5250, being the volume weighted average price of a share on SIX between launch and close of trading on July 28, 2021.