Idorsia successfully completes a CHF 500m combined offering of new shares and convertible bonds

Niederer Kraft Frey advised Swiss biopharmaceutical company Idorsia Ltd on its offering of 11,912,000 new shares, corresponding to approximately 10% of its currently issued share capital, by way of an accelerated bookbuilding, and on its placement of CHF 200 million of senior unsecured convertible bonds due 2024. The net proceeds from the concurrent offerings will be used to fund the ongoing research and development of Idorsia’s development pipeline and will allow Idorsia to fund the Phase 3 development of Idorsia’s promising late-stage pipeline comprising aprocitentan, clazosentan, lucerastat and nemorexant, as well as its diverse early-stage and preclinical pipeline. The new shares were admitted to trading on SIX Swiss Exchange on 13 July 2018 and the bonds are expected to be settled on or around 17 July 2018.

The NKF team was led by Capital Markets partners Philipp Haas and Till Spillmann, working with senior associate Andrea Giger, Capital Markets and associate Deirdre Ní Annracháin, Capital Markets.