Idorsia opens rights issue books adding to red-hot biotech year

By Sam Kerr
13 Oct 2020

Swiss biotechnology company Idorsia has opened the books on its Sfr575m ($629m) at-market rights issue to fund the commercialisation of insomnia drug daridorexant.

The company is selling 23.8m new shares as part of the rights offering, the shares will be sold to investors 'at-market'.

This means that unlike a normal rights issues, where investors receive a fixed discount to the theoretical ex-rights price of a company’s stock, the offer price will ...

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