Ad hoc announcement pursuant to Art. 53 LR
Dedicated launch capital and shared participation in future revenues create a focused and capital-efficient pathway to realize the potential of TRYVIO/JERAYGO.
Idorsia to host a webcast to provide additional context in the coming week
Allschwil, Switzerland – October 29, 2026
Idorsia Ltd (SIX: IDIA) today announced a proposed commercialization partnership between Idorsia and noteholders in Idorsia Investments SARL (“SPV”) designed to unlock the substantial global commercial opportunity of TRYVIO™ /JERAYGO™ (aprocitentan), the first and only dual endothelin receptor antagonist approved for systemic hypertension. The proposed transaction combines dedicated launch capital of CHF 120 million with direct participation in future product revenues, creating a capital-efficient framework to accelerate commercialization while preserving meaningful upside for both Idorsia shareholders and participating investors.
Resistant or difficult-to-control hypertension remains one of the largest unmet needs in cardiovascular medicine, affecting millions of patients worldwide who remain above blood pressure targets despite treatment with multiple antihypertensive therapies. Growing physician awareness of this medical need due to new market entrants, is creating favorable conditions for commercialization. Despite decades of innovation, physicians have largely relied on adding more medicines directed at the same biological pathways. There is a significant number of patients, such as those with chronic kidney disease, those with cardiometabolic co-morbidities, and those with endothelin-related hypertension that require alternative treatment options. By targeting the endothelin pathway, TRYVIO/JERAYGO offers a differentiated approach for these patients.
Idorsia plans a focused specialty-driven approach centered initially on hypertension centers, nephrologists, and other specialists treating patients with resistant and difficult-to-control hypertension. The opportunity for TRYVIO/JERAYGO stems from its unique ability to deliver on three attributes that matter most in hypertension treatment: efficacy, safety, and simplicity. In clinical studies, TRYVIO demonstrated sustained double-digit blood pressure reductions in patients who remained uncontrolled despite treatment with multiple medicines, including those with chronic kidney disease. At the same time, it offers a favorable and straightforward treatment profile, with once-daily dosing, no risk of drug interactions, and no requirement for routine monitoring, and a differentiated tolerability profile, particularly absence of hyperkalemia, hyponatremia, and hypotension.
Roland Wandeler, CEO of Idorsia, commented:
“The proposed partnership is built on a shared belief that TRYVIO/JERAYGO can become a blockbuster medicine for patients with difficult-to-control hypertension. With its differentiated profile, compelling clinical data, and encouraging early commercial adoption in the US, we believe the foundations for success are firmly in place. The combination of dedicated launch capital and aligned incentives gives us a focused, capital-efficient path forward, with a direct participation of Idorsia shareholders in the success. Our job now is clear and I will ensure that we stay focused, execute with excellence, and work as one team to realize the full potential of TRYVIO/JERAYGO for patients and shareholders alike.”
The strategy prioritizes securing reimbursement and patient access, establishing a strong foundation in clearly identified patient populations before expanding into broader treatment settings as experience, awareness, and access increase. As market access broadens, Idorsia also expects to leverage selected co-promotion partnerships to expand commercial reach in key markets, while continuing to pursue licensing opportunities in additional territories. This new approach enables Idorsia shareholders have a direct economic participation mechanism in its commercial success.
Amer Joseph, MD, CMO and Head Global Clinical Development, commented:
“Having personally treated many patients at a leading hypertension center, I’ve seen firsthand the limitations of existing treatments focused on inhibiting the RAAS pathway. Aprocitentan, through its unique and novel mechanism targeting the endothelin pathway, offers a much-needed treatment option to these patients, without increasing the risk of hyperkalemia, hyponatremia, or orthostatic hypotension that is often seen with other treatments for uncontrolled hypertension.”
About the proposed partnership
Under the proposal, SPV noteholders would provide CHF 72 million of launch capital in exchange new Notes and a 12% earn-out on the three SPV assets (aprocitentan, selatogrel, cenerimod), such earn-out will begin once the debt in the SPV has been fully paid off. Subject to applicable consent, Idorsia would contribute CHF 48 million over a two-year period to support market access, medical affairs, marketing, and sales activities, in exchange for a 30% share in global net revenue of aprocitentan as of effective date of the agreement and keep the other 88% of the upside value of the SPV assets after the SPV Notes has been fully paid off.
The proposed investment is fully backstopped by a group of noteholders representing a significant majority of notes but remains subject to achieving the required noteholder approvals and completion of final documentation – anticipated by the end of the year. All noteholders in the SPV will be given the opportunity to participate in the transaction at the agreed terms.
The financing would support a focused, specialized US launch and a phased commercialization approach in Europe and Canada. Commercial investments would be continuously evaluated against market uptake, reimbursement progress, and return on investment, ensuring a disciplined deployment of capital.
The business plan projects breakeven in 2029, followed by profitable growth driven by increasing patient access and adoption.
Notes to the editor
About aprocitentan
Aprocitentan is a once-daily, orally active, dual endothelin receptor antagonist, which inhibits the binding of ET-1 to ETA and ETB receptors. Aprocitentan is approved as TRYVIO® in the US for the treatment of systemic hypertension in combination with other antihypertensive drugs, to lower blood pressure in adult patients who are not adequately controlled on other drugs, and has been commercially available since October 2024. For more information see the Full Prescribing Information including BOXED Warning (PI and Medication Guide). TRYVIO is now included in the American College of Cardiology’s (ACC) and the American Heart Association’s (AHA) new comprehensive clinical practice guidelines for the management of high blood pressure. Aprocitentan is approved as JERAYGO™ for the treatment of resistant hypertension in combination with other antihypertensives in the European Union, the UK, Switzerland, and Canada.
About Idorsia
The purpose of Idorsia is to discover, develop and commercialize innovative medicines to help more patients. To achieve this, we will develop Idorsia into a leading biopharmaceutical company, with a strong scientific core.
Headquartered near Basel, Switzerland – a European biotech hub – Idorsia has a highly experienced team of dedicated professionals, covering all disciplines from bench to bedside; QUVIVIQ™ (daridorexant), 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. Idorsia is listed on the SIX Swiss Exchange (ticker symbol: IDIA).
For further information, please contact
Kevin Boss
Director, Investor Relations
Idorsia Pharmaceuticals Ltd, Hegenheimermattweg 91, CH-4123 Allschwil
+41 58 844 10 10
investor.relations@idorsia.com – media.relations@idorsia.com – www.idorsia.com
The above information contains certain “forward-looking statements”, relating to the company’s business, which can be identified by the use of forward-looking terminology such as “intend”, “estimates”, “believes”, “expects”, “may”, “are expected to”, “will”, “will continue”, “should”, “would be”, “seeks”, “pending” or “anticipates” or similar expressions, or by discussions of strategy, plans or intentions. Such statements include descriptions of the company’s investment and research and development programs, business development activities and anticipated expenditures in connection therewith, descriptions of new products expected to be introduced by the company and anticipated customer demand for such products and products in the company’s existing portfolio. Such statements reflect the current views of the company with respect to future events and are subject to certain risks, uncertainties and assumptions. Many factors could cause the actual results, performance or achievements of the company to be materially different from any future results, performances or achievements that may be expressed or implied by such forward-looking statements. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated or expected. Idorsia has transferred its rights for aprocitentan, cenerimod and selatogrel to Idorsia Investments SARL to allow the repayment of notes issued in connection with the repurchase offer completed in August 2025. More details on the transfer can be found in the latest Financial Report.
There can be no assurance that the required consents will be obtained or that the proposed transaction will be completed on the terms described or at all. This announcement does not constitute an offer to sell or a solicitation of an offer to buy any securities. The securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption.
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