Idorsia - Reaching out for more
- Idorsia commences trading on SIX Swiss Exchange (ticker: IDIA)
Allschwil, Switzerland - 16 June 2017 - Idorsia Ltd (SIX: IDIA) today announced its debut as an independent company newly listed on SIX Swiss Exchange. The shares of Idorsia will be listed and trading will commence on SIX Swiss Exchange today, 16 June 2017.
Following the transfer of Actelion's drug discovery and early stage clinical pipeline business to Idorsia, registered Idorsia shares held by Actelion have been distributed to Actelion shareholders by way of a dividend in kind. The distribution of Idorsia shares to Actelion shareholders completes the demerger from Actelion in connection with the all-cash tender offer for all publicly held shares of Actelion Ltd by Janssen Holding GmbH, a Swiss subsidiary of Johnson & Johnson (J&J) for 280 US Dollars in cash per share, that will also settle today 16 June 2017.
The purpose of Idorsia is to discover more, innovative medicines to help more patients. In order to achieve this, management intends to develop Idorsia into one of Europe's leading biopharmaceutical companies, with a strong scientific core.
Jean-Paul Clozel, CEO of Idorsia, commented: "Today we launch Idorsia, and we have a fantastic opportunity ahead. We are starting out with an experienced team of highly qualified professionals, a full research and development pipeline, state-of-the-art facilities, and 1 billion Swiss francs in cash - the ideal constellation for bringing research and development to successful medicines. We are off to a great start with the recent results with aprocitentan and cenerimod and are eagerly awaiting key results for our dual orexin receptor antagonist in the coming months. Beyond that we will be taking decisions on our Phase 1 pipeline assets before the end of the year, so we have a lot to look forward to."
Jean-Paul concluded: "There are many challenges ahead but I believe that by putting science at the center of intelligent decision-making and the "can do" mindset of our creative team, we can realize our full potential and reach out for more."
On 16 June 2017, 107,330,210 Idorsia shares are being listed on SIX. Furthermore, shares issued through the conversion of the first tranche of the convertible loan provided by Cilag Holding AG, an indirect subsidiary of Johnson & Johnson (CHF 135.4 million converting into 11,793,220 Idorsia shares ("Authorized Shares")) will be listed on 20 June 2017 granting Cilag Holding AG an ownership interest of 9.9% in Idorsia's share capital.
Idorsia launches with a clinical pipeline of drug candidates in different areas of medicine where patients' needs are not fully met with existing therapies.
|Status||Compound||Mechanism of Action||Target Indication|
|Phase 2||Aprocitentan (ACT-132577)||Endothelin receptor antagonist||Resistant hypertension|
|ACT-541468||Dual orexin receptor antagonist||Chronic insomnia|
|Clazosentan||Endothelin receptor antagonist||Vasospasm associated with aneurysmal subarachnoid hemorrhage|
|Cenerimod||S1P1 receptor modulator||Systemic lupus erythematosus|
|Phase 1b||Lucerastat||Glucosylceramide synthase inhibitor||Fabry disease|
|Phase 1||ACT-246475||P2Y12 receptor antagonist||Acute coronary syndrome|
|ACT-774312||CRTH2 receptor antagonist||Asthma and allergy disorders|
|ACT-539313||Selective orexin 1 receptor antagonist||Anxiety|
|ACT-709478||T-type calcium channel blocker||Epilepsy|
Notes to the editor
Idorsia's Board of Directors
Idorsia's Board of Directors comprises Jean-Pierre Garnier (Chairman), Robert Bertolini (member, Chair Finance & Audit committee), Jean-Paul Clozel (member), John J. Greisch (member, Chair Nominating, Governance & Compensation committee), David Stout (member) and Herna Verhagen (member).
Idorsia's Executive Committee
Idorsia's Executive Committee consists of Jean-Paul Clozel (Chief Executive Officer), Guy Braunstein (Head of Global Clinical Development), Martine Clozel (Chief Scientific Officer) and André C. Muller (Chief Financial Officer).
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 Europe's leading biopharmaceutical company, with a strong scientific core.
Headquartered in Switzerland - a European biotech hub - Idorsia is specialized in the discovery and development of small molecules, to transform the horizon of therapeutic options. Idorsia has a broad portfolio of innovative drugs in the pipeline, an experienced team, a fully-functional research center, and a strong balance sheet - the ideal constellation to bringing R&D efforts to business success.
Idorsia was listed on SIX Swiss Exchange (ticker symbol: IDIA) in June 2017 and has over 600 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
This document does not constitute an invitation or an offer to purchase, sell, trade or subscribe for any shares or other securities of the companies involved. Furthermore, this document is neither a prospectus according to Art. 652a of the Swiss Code of Obligations nor a listing prospectus according to the listing rules of SIX Swiss Exchange Ltd.
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.