Idorsia completes upsized share offering

Swiss biopharma firm Idorsia (SIX: IDIA) yesterday announced that it has successfully raised 65.6 million francs ($83 million) through the placement of 16.4 million registered shares at a placement price of 4.00 francs per share – in-line with the volume-weighted average price from the last 30 days – by way of an accelerated book-building process.

The proceeds from the offering strengthen Idorsia’s balance sheet and will fund the company’s disciplined investment in accelerating the commercial trajectory of Quviviq (daridorexant) and advancing a de-risked, science-driven pipeline, as well as for general corporate purposes.

Headquartered near Basel, Idorsia has a highly experienced team of dedicated professionals, covering all disciplines from bench to bedside; Quviviq, a different kind of insomnia treatment with the potential to revolutionize this mounting public health concern; strong partners to maximize the value of our portfolio; a promising in-house development pipeline; and a specialized drug discovery engine focused on small-molecule drugs that can change the treatment paradigm for many patients.