Idorsia publishes an invitation to a bondholder meeting
January 14 2025 - 1:00AM
UK Regulatory
Idorsia publishes an invitation to a bondholder meeting
Ad hoc announcement pursuant to Art. 53 LR
- A bondholder meeting will take place on February 25, 2025, to
vote on proposals to amend the terms of the outstanding convertible
bonds maturing on January 17, 2025, including an extension of the
maturity by at least six months
Allschwil, Switzerland – January 14, 2025
Idorsia Ltd (SIX: IDIA) today announced that it has published an
invitation to a bondholder meeting for holders of its outstanding
convertible bond (ISIN: CH0426820350) (the Bonds or CB 2025) with a
nominal value of CHF 200 million and a conversion price of
CHF 6.00 per Idorsia share, maturing on January 17, 2025. At
the meeting, the company will propose changing the current terms of
the Bonds to avoid short-term liquidity constraints in connection
with the redemption of the Bonds.
Upon the publication of the invitation, the obligations under
the CB 2025 are stayed in accordance with article 1166 of the Swiss
Code of Obligations. For this reason, the CB 2025 will not be
repaid on January 17, 2025, and accordingly no interest payment
will be made on January 17, 2025.
Bondholders can access the invitation to the bondholder meeting
scheduled for February 25, 2025, at the following link:
www.idorsia.com/CB2025. Terms of the resolution, a financial status
report, and additional information about the meeting will be set
out in a supplement to the invitation, that will be published at
least 10 days before the meeting date.
Notes to the editor
About the 2025 convertible bond
The CHF 200 million convertible bonds issued in 2018 (ISIN
CH0426820350) initially had a term of six years, maturing on July
17, 2024. On May 6, 2024, a bondholders’ meeting approved
modifications to the terms of the convertible bonds to, among
others, amend the conversion price to CHF 6.00 per Idorsia share
(from CHF 33.95) and extend the maturity date by six months to
January 17, 2025.
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
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.
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