Idorsia‘s Public Repurchase Offer to Exchange Convertible Bonds

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On 25 June 2025, Idorsia Ltd published its public repurchase offer to exchange its CHF 200 million senior unsecured convertible bonds due 2025 and its CHF 600 million senior unsecured convertible bonds due 2028. The Bonds will be exchanged for an offer consideration consisting of (i) a series of newly issued „Pay-If-You-Can“ notes with waterfall rankings issued by a Luxembourg special purpose subsidiary, which will be listed on The International Stock Exchange (TISE), (ii) shares of Idorsia Ltd and (iii) warrants of Idorsia Ltd. The Swiss Takeover Board has made determinations and granted exemptions regarding the Exchange Offer in its ruling dated 5 June 2025. The Exchange Offer is part of the holistic restructuring and refinancing of the Idorsia group announced by Idorsia Ltd in February 2025.

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