Santhera Pharmaceuticals (SIX: SANN) is pleased to announce that, through a share exchange, it will receive the equivalent of CHF 5 million Idorsia shares. This financial injection will provide Santhera with the necessary resources to meet short-term financial needs. Upon completion of the transaction, Idorsia will hold 17.7% of Santhera’s registered share capital.
Idorsia Pharmaceuticals Ltd is set to reap the rewards of this transaction, receiving 5,529,016 Santhera shares, valued at a discounted rate of CHF 0.9043 per share, based on the five-day volume weighted average price ending January 9, 2023. Furthermore, Idorsia will be granted 2,211,607 warrants, each of which can be exercised for one Santhera share at the same discounted rate, at any time up until January 9, 2025.
Santhera has struck an advantageous deal with Idorsia, gaining 346,500 of the latter’s shares in return. At the closing price of CHF 14.43 per share, this translates to approximately CHF 5 million in value for Santhera, which it can leverage to meet its short-term financial needs.
Idorsia is set to become a major shareholder in Santhera, with the completion of the share exchange transaction giving them 13,011,275 Santhera shares, representing 17.7% of the registered share capital, and 3,305,357 warrants equalling 4.5% of the registered share capital. This significant acquisition will no doubt have a lasting impact on the company’s future.
About Santhera
Santhera Pharmaceuticals is a Swiss-based specialty pharmaceutical company on a mission to develop and commercialize innovative medicines for rare neuromuscular and pulmonary diseases. The company has secured exclusive worldwide license for vamorolone, a novel dissociative steroid, which has been tested in a pivotal study for Duchenne muscular dystrophy (DMD). Santhera has an NDA under review by the U.S. FDA and MAA under review by the EMA for vamorolone for DMD treatment. Additionally, lonodelestat is being developed to treat cystic fibrosis (CF) and other pulmonary diseases. The company has out-licensed rights to its first approved product, Raxone® (idebenone), to Chiesi Group for the treatment of Leber’s hereditary optic neuropathy (LHON) outside North America and France. Santhera is dedicated to addressing unmet medical needs and making a difference in the lives of those living with rare diseases.
Disclaimer / Forward-looking statements
Santhera Pharmaceuticals Holding AG has not made any offers or invitations to subscribe for or purchase any of its securities. However, when considering the future of the company and its business, it is important to be aware of the potential risks and uncertainties that may arise. It is essential to take these into account when making any investment decisions, and the Company cannot guarantee the accuracy of any statements made. Nevertheless, the Company will continue to strive to provide the most up-to-date information and outlooks for its business.