Ad hoc announcement pursuant to Art. 53 LR
- Bondholder meetings will take place on Wednesday, June 25, 2025, to vote on proposals to amend the terms of the two outstanding convertible bonds CB 2025 and CB 2028
Allschwil, Switzerland - June 6, 2025
Idorsia Ltd (SIX: IDIA) today announced that 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 - it has published invitations to the next bondholder meetings for holders of its outstanding CHF 200 million convertible bonds maturing in 2025 (CB 2025; ISIN CH0426820XXX), and CHF 600 million convertible bonds maturing in 2028 (CB 2028; ISIN CH1128004XXX).
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 (https://www.idorsia.com/investors/news-and-events/media-releases/media-release-details?id=3397650) on February 26, 2025, and an update (https://www.idorsia.com/media/news/news-archive/media-release-details?id=3456188) 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.
Bondholders can access the invitations to the two bondholder meetings scheduled for Wednesday, June 25, 2025, including the terms of the resolution and additional information about the meeting, as well as a financial status report as of April 30, 2025, at the following links: www.idorsia.com/CB2025 (http://www.idorsia.com/CB2025) and www.idorsia.com/CB2028 (http://www.idorsia.com/CB2028).
Notes to the editor
About Idorsia
Idorsia Ltd is reaching out for more - we have more passion for science, we see more opportunities, and we want to help more patients.
The purpose of Idorsia is to challenge accepted medical paradigms, answering the questions that matter most. To achieve this, we will discover, develop, and commercialize transformative medicines - either with in-house capabilities or together with partners - and evolve Idorsia into a leading biopharmaceutical company, with a strong scientific core.
Headquartered near Basel, Switzerland - a European biotech hub - Idorsia has a highly experienced team of dedicated professionals, covering all disciplines from bench to bedside; QUVIVIQ (daridorexant), a different kind of insomnia treatment with the potential to revolutionize this mounting public health concern; strong partners to maximize the value of our portfolio; a promising in-house development pipeline; and a specialized drug discovery engine focused on small-molecule drugs that can change the treatment paradigm for many patients.
Idorsia is listed on the SIX Swiss Exchange (ticker symbol: IDIA).
For further information, please contact:
Investor & Media Relations
Idorsia Pharmaceuticals Ltd, Hegenheimermattweg 91, CH-4123 Allschwil
+41 58 844 10 10
investor.relations@idorsia.com - media.relations@idorsia.com - www.idorsia.com
The above information contains certain "forward-looking statements", relating to the company's business, which can be identified by the use of forward-looking terminology such as "estimates", "believes", "expects", "may", "are expected to", "will", "will continue", "should", "would be", "seeks", "pending" or "anticipates" or similar expressions, or by discussions of strategy, plans or intentions. Such statements include descriptions of the company's investment and research and development programs and anticipated expenditures in connection therewith, descriptions of new products expected to be introduced by the company and anticipated customer demand for such products and products in the company's existing portfolio. Such statements reflect the current views of the company with respect to future events and are subject to certain risks, uncertainties and assumptions. Many factors could cause the actual results, performance or achievements of the company to be materially different from any future results, performances or achievements that may be expressed or implied by such forward-looking statements. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated or expected.
Attachment
- Press Release PDF (https://ml-eu.globenewswire.com/Resource/Download/6a2574be-1888-441d-82fe-a07c0373fde1)
