Brief: Swiss Pharma Firm Idorsia Flags Delay to Aprocitentan Rights Talks

Idorsia

20/12/2024 08:31

Dec 20 (Reuters) - IDORSIA  IDIA.S :
    * FLAGS DELAY IN EXCLUSIVE NEGOTIATIONS FOR GLOBAL RIGHTS TO
APROCITENTAN
    * SIGNING OF BINDING AGREEMENT FOR RIGHTS TO APROCITENTAN
WILL NOT
BE ACHIEVED IN 2024 AS EXPECTED
    * NEGOTIATIONS WITH UNDISCLOSED PARTY CONTINUE 
    * CANNOT GUARANTEE AGREEMENT CAN BE REACHED
    * EXTENSION TO CB 2025 IS REQUIRED WHATEVER OUTCOME OF
ONGOING
TALKS REGARDING RIGHTS TO APROCITENTAN
    * IN DISCUSSIONS WITH CERTAIN HOLDERS OF CB 2025 AND CB 2028
TO
AMEND TERMS OF BOTH INSTRUMENTS FOLLOWING EXTENSION
    * EXPECTS CUT OF AROUND 250 POSITIONS GLOBALLY AFTER TALKS
WITH
EMPLOYEE REPRESENTATIVES
    * EXPECTS 2024 CASH OF AT LEAST CHF 70 MILLION INCL $35
MILLION
EXCLUSIVITY FEE
    * COULD END 2024 WITH CASH OF AROUND CHF 100 MILLION IF
ADDITIONAL
DEAL CLOSES IN COMING DAYS
    * IF POTENTIAL DEAL FOR APROCITENTAN RIGHTS CLOSES IN TIMELY
MANNER AND SUBJECT TO CB 2025 RESTRUCTURING, IDORSIA WOULD BE
FUNDED UNTIL MID-2025
    * SEEKS ADDITIONAL FUNDING OF AT LEAST CHF 200 MILLION TO
EXTEND
ITS OPERATIONAL CASH RUNWAY INTO AT LEAST 2026
    * NOW EXPECTS NON-GAAP OPERATING EXPENSES AROUND CHF 400
MILLION
IN 2024

     
 Source text:  urn:newsml:reuters.com:*:nGNE7tGwzS
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