Idorsia raises $632 million in preparation of daridorexant launch

Swiss biotech Idorsia (SIX: IDIA) has effected a capital increase by way of an at-market rights offering with envisaged gross proceeds of approximately 575 million Swiss francs ($632 million).

Idorsia intends to use the net proceeds from the rights offering primarily to support the regulatory filing and, if approved, commercial launch of daridorexant, its dual orexin receptor antagonist, and fund the clinical development of other late-stage compounds such as aprocitentan, clazosentan, lucerastat, cenerimod, and selatogrel as well as early-stage pipeline assets.

Chief executive Dr Jean-Paul Clozel commented: “Idorsia has made a quantum leap since incorporation in 2017. With our lead compound daridorexant reporting positive results in both pivotal studies this year, we are moving into a new phase and preparing the way to bring our first product to patients. If we do our job well, daridorexant alone should be enough for us to achieve sustainable profitability within a relatively short period of time, which means our additional pipeline assets will bring significant growth opportunities.”