Ad hoc announcement pursuant to Art.

Ad hoc announcement pursuant to Art. 53 LR
Bondholders approve amended terms of the 2024 convertible bonds
  * The proposed amendments to the terms of the 2024 convertible bond have been
    approved by the bondholders and will become binding and effective upon
    approval by the higher cantonal composition authority.
Allschwil, Switzerland - May 6, 2024
Idorsia Ltd. (SIX: IDIA) today announced the positive outcome of a bondholder
meeting held at 17:30 CEST on May 6, 2024. The bondholder meeting for holders of
Idorsia's outstanding 2024 convertible bonds (ISIN: CH0426820350) (the Bonds)
was held to vote on amendments to the terms of the Bonds. 83.5% of the total
outstanding bondholders voted in favor of the amendments proposed by Idorsia -
significantly exceeding the required two thirds majority threshold.
The approved Bond terms include an amended conversion price of CHF 6.00,
extended maturity date of January 17, 2025, and the option to call the Bonds at
par, in full or in part, at any time upon giving ten trading days' notice.
The amendments to the Bond terms become binding and effective upon approval by
the higher cantonal composition authority (obere kantonale Nachlassbehörde).
Idorsia will now file this application.
A consent fee of 8,000,000 Idorsia shares will be delivered through SIX SIS once
the amendment of the Bond terms is effective.
André C. Muller, Chief Financial Officer, commented:
"On behalf of Idorsia's management and Board, I thank the bondholders for
approving the amendments we proposed. Securing the restructuring of the 2024
convertible bond gives bondholders the potential to participate in the long-term
path of Idorsia by becoming shareholders at a much lower conversion price than
originally agreed during the bond placing and gives the company the flexibility
to secure other funding avenues, avoiding potential liquidity constraints in
connection with the redemption of the Bonds."
Notes to the editor
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 (mailto:media.relations@idorsia.com)
www.idorsia.com (http://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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