Idorsia completes rights issue for drug commercialisation

Biotech_Adobe_575x375_Oct21
By Sam Kerr
21 Oct 2020

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

Credit SuisseJP Morgan and Bank of America were global co-ordinators.

The company sold 23.8m new shares as part of the rights offering. The shares were sold to investors ‘at-market’.

This means, unlike a normal rights issue where investors receive a fixed discount to the theoretical ex-rights price of ...

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