Following the expiry of the appeal period for the amended terms approved at the CB 2025 bondholder meeting of February 25, 2025 – during which no appeal was filed – invitations to the next bondholder meetings for holders of its outstanding CHF 200 million convertible bonds maturing in 2025 (CB 2025; ISIN CH0426820350), and CHF 600 million convertible bonds maturing in 2028 (CB 2028; ISIN CH1128004079) were published on June 6, 2025.

At the meetings, the company will propose changing the current terms of the CB 2025 and CB 2028 as part of the larger holistic restructuring, as announced in a press release on February 26, 2025, and an update published on May 21, 2025.

To date, approximately 87% of the holders of the CB 2025 and 90% of holders of the CB 2028 have entered a legally binding lockup agreement in support of the holistic restructuring. Such bondholders have committed to vote in favour of the proposed amendments to the terms of the CB 2025 and CB 2028 at or before the meeting.

The amendment of the terms of the CB 2025 and CB 2028 will be conditional on the consummation of the exchange offer, which is expected to be launched around or following the date of the bondholder meetings.

June 25, 2025, at 19:00 CEST, at the offices of Homburger AG, Prime Tower, Hardstrasse 201, 8005 Zurich, Switzerland

The invitation to the bondholder meeting sets out the terms of the resolutions to be voted upon.

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH IT WOULD BE UNLAWFUL TO DO SO.

• CB 2028 Bondholder Meeting Invitation
• Proxy Form
• Blocking Certificate

The unaudited financial status, as of April 30, 2025, is required in connection with the invitation to the bondholder meeting. 

• Unaudited Financial Status as of April 30, 2025

• Jun 6, 2025: Idorsia publishes invitations to bondholder meetings