Zurich (awp) – The Rhine laboratory Idorsia, in difficulties with its cash flow, plans to urgently invite the holders of the shares of a convertible loan of 200 million Swiss francs maturing on January 17. The maneuver is part of negotiations that are less rapid than expected for the monetization of rights on the anti-hypertension drug aprocitentan.
Idorsia underlines in this regard that the talks with a still unidentified partner are likely to not be concluded, if necessary, for several weeks.
Already renegotiated last spring, the convertible bond with imminent maturity provides for a conversion price of 6.00 Swiss francs per security. At the close on Friday, the Idorsia price stood at 78 cents.
The required extension of the 200 million loan should only constitute a first step towards a broader restructuring of Idorsia’s debt, also including an adaptation of the conditions of another convertible, with a volume of 600 million, which will mature in the summer of 2028 and provides for a conversion price of 31.54 Swiss francs per security.
Recognizing that he is struggling to understand the future of Idorsia, Stefan Schneider emphasizes on behalf of Vontobel that negotiations with creditors constitute only one of the elements necessary for a realignment of the stars for the company of the Clozel spouses. The laboratory will still have to successfully complete the process of monetizing aprocitentan and diligently carry out the refining treatment intended to prune its cost base. In the meantime, the expert from the Zurich management bank prefers to remain on the sidelines regarding the stock’s assessment.
-At 12:17 p.m., the Idorsia registered stock dropped 10% to 70.2 cents, in the depths of an SPI down 1.09%.
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Swiss
