Idorsia increases the consent fee in connection with the proposed restructuring of the 2024 convertible bond

Ad hoc announcement pursuant to Art. 53 LR

The proposed consent fee will be increased to 8’000’000 Idorsia shares. All other matters as proposed on April 23, 2024, remain unchanged.
The bondholder meeting will take place on May 6, 2024, in order to vote on the proposals published on April 23, 2024.

Allschwil, Switzerland – May 1, 2024
Idorsia Ltd (SIX: IDIA) today announced that in relation to the bondholder meeting for holders of its outstanding convertible bonds maturing on July 17, 2024 (ISIN: CH0426820350) (the Bonds), Idorsia has improved the consent fee to 8’000’000 Idorsia shares up from 5’000’000.

Other elements of the proposal published on April 23, 2024 such as the (i) amendment to the conversion price to CHF 6.00 (from currently CHF 33.95), (ii) extension of the maturity date by six months to January 17, 2025 and (iii) giving Idorsia the option to call the Bonds at par, in full or in part, at any time upon giving ten trading days' notice, remain unchanged. Bondholders can access the invitation to the bondholder meeting and other documents in connection with the bondholder meeting at the following link: www.idorsia.com/2024-bond

André C. Muller, Chief Financial Officer, commented:
“We have decided to improve our offered consent fee to 8 million Idorsia shares. Based on interactions with some significant bondholders and the continued support of Jean-Paul and Martine Clozel, we are confident to reach the required two thirds majority of the Bonds’ aggregate principal amount that will give us the flexibility to secure other funding avenues and extend our cash runway.”

Idorsia has appointed J.P. Morgan Securities plc to act as Dealer Manager for the bondholder solicitation process.

About Idorsia
Idorsia Ltd is reaching out for more – We have more ideas, we see more opportunities and we want to help more patients. In order to achieve this, we will develop Idorsia into a leading biopharmaceutical company, with a strong scientific core.

Headquartered near Basel, Switzerland – a European biotech-hub – Idorsia is specialized in the discovery, development and commercialization of small molecules to transform the horizon of therapeutic options. Idorsia has a 25-year heritage of drug discovery, a broad portfolio of innovative drugs in the pipeline, an experienced team of professionals covering all disciplines from bench to bedside, and commercial operations in Europe and North America – the ideal constellation for bringing innovative medicines to patients.

Idorsia was listed on the SIX Swiss Exchange (ticker symbol: IDIA) in June 2017 and has over 750 highly qualified specialists dedicated to realizing our ambitious targets.

For further information, please contact
Andrew C. Weiss
Senior Vice President, Head of Investor Relations & Corporate Communications
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.