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Indorsia, Actelion spinoff, reaching out for more

June 19, 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

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