Actelion spin-out Idorsia provides pipeline update

Switzerland-based Idorsia  (SIX: IDIA) today announced its financial results and an update on its research progress, which represent the business activity in the three and a half months since the demerger from Actelion on June 15, 2017, following the $30 billion acquisition by Johnson & Johnson (NYSE: JNJ).

For the period ending September 30, the US generally-accepted accounting principles (GAAP) operating loss amounted to 79 million Swiss francs ($80.6 million), including a non-GAAP operating loss of 71 million francs, driven by R&D expenses of 57 million francs and G&A expenses of 14 million francs, depreciation and amortization of 5 million francs and share-based compensation of 3 million francs. At the end of the third quarter, Idorsia's liquidity (including cash, cash equivalents, short- and long-term deposits) amounted to 952 million francs.

Chief executive Jean-Paul Clozel commented: “Idorsia has been fully functional since the demerger from Actelion, and separation activities continue well on track thanks to the excellent collaborative efforts of all parties, making this innovative transaction with J&J a great success. With the rich collection of compounds we brought over from Actelion, we are working hard to advance our highly innovative pipeline and further enhance our value proposition from these assets. Discussions with health authorities are progressing well, so that we should see key compounds moving into Phase III in the near future."