Johnson & Johnson partially converts its convertible loan

Ad hoc announcement pursuant to Art. 53 LR

Allschwil, Switzerland – October 27, 2021
Idorsia Ltd (SIX: IDIA) today announced that Cilag Holding AG, an indirect subsidiary of Johnson & Johnson, notified Idorsia that it will convert a second tranche of the remaining principal amount of CHF 445 million convertible loan, such that CHF 110 million will be converted into 9.6 million shares of Idorsia.

As a result of the conversion, Idorsia will issue 9’581’882 new shares and Idorsia share capital will increase from CHF 8’364’748.55 to CHF 8’843’842.65, divided into 176’876’853 Idorsia shares.

As a result of conversion of the second tranche of the convertible loan, Cilag Holding AG will hold 5.7% of Idorsia’s issued share capital. Following conversion, the remaining principal amount of the convertible loan will be CHF 335 million, convertible into 29.1 million shares of Idorsia.

Notes to the editor

About the convertible loan
On June 15, 2017, Cilag Holding AG (“Cilag”) provided a loan of CHF 580 m to Idorsia, which was convertible into ordinary shares of Idorsia up to an aggregate of 32% of the share capital at the time that the loan was provided. The loan does not carry interest, has a term of 10 years and matures on June 15, 2027.

On June 19, 2017, a first tranche of the convertible loan of CHF 135 m was mandatorily converted and Cilag acquired 11,793,220 of the shares of Idorsia. These shares were sold by Cilag in a secondary offering on July 8, 2020.

About Idorsia
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 a leading biopharmaceutical company, with a strong scientific core.

Headquartered near Basel, Switzerland – a European biotech-hub – Idorsia is specialized in the discovery, development and commercialization of small molecules to transform the horizon of therapeutic options. Idorsia has a broad portfolio of innovative drugs in the pipeline, an experienced team of professionals covering all disciplines from bench to bedside, state-of-the-art facilities, and a strong balance sheet – the ideal constellation to translate R&D efforts into business success.

Idorsia was listed on the SIX Swiss Exchange (ticker symbol: IDIA) in June 2017 and has over 1,000 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
investor.relations@idorsia.com – media.relations@idorsia.com – www.idorsia.com

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.

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