Zurich (awp) – Exclusive talks between Idorsia and an unidentified partner around a transfer of rights to its treatment for resistant hypertension aprocitentan are running late and will probably not be concluded before the end of the year, as hoped initially at the end of November. However, consultations with staff representatives made it possible to limit the planned job cuts somewhat, to 250 instead of 270.
The finalization of this transition constitutes “a crucial step to ensure the future of Idorsia,” recalls its general director (CEO) André Muller, quoted in a press release on Friday.
If it expects to complete the current financial year with cash reserves of at least 70 million Swiss francs, or even around 100 million in the event of a new licensing agreement, the firm founded by the Clozel couple is working hard to raise at least 200 million Swiss francs, so that we can get through next year.
Now in chronic difficulties with its finances, the Allschwil company is also negotiating with creditors a restructuring of two convertible loans, starting with a bond of 200 million Swiss francs with a conversion price of 6.00 Swiss francs per security maturing on January 17. The imminence of this deadline, as well as the discrepancy with the price of 1.27 francs displayed by the Idorsia share at the close on Thursday.
The second convertible, with a volume of 600 million, will mature in the summer of 2028 and provides for a conversion price of 31.54 Swiss francs per security. However, it has a repayment option on August 4, 2026.
Idorsia warns in passing that it expects an operational loss of 260 million Swiss francs for the current financial year.
jh/vj
Business
Related News :