Idorsia, a pharmaceutical company from Switzerland, is trying to save money and reorganize due to financial difficulties. A deal to sell the global rights to their hypertension drug, Tryvio (also known as aprocitentan), fell through. They had an agreement to sell these rights for $35 million, but the other party backed out. The company’s CEO, André C Muller, expressed disappointment but said they would look for other partners. Tryvio, which the company sees as having huge sales potential, was approved by the FDA in March 2024 and launched in the US in October 2024. It’s also approved in Europe under the name Jeraygo.
With the Tryvio deal falling through, Idorsia made changes to its partnership with Viatris. This partnership involves research and development for two drugs: elatogrel for heart attacks and cenerimod for lupus. Due to low cash reserves, Idorsia won’t pay $100 million in development costs this year but will miss out on potential milestone payments and give Viatris more rights to cenerimod.
Idorsia urgently needs more cash, leading to updates in the Viatris deal and a bond restructuring. Despite the setback with Tryvio, Idorsia’s stock price increased by 5% due to securing additional funding. The company reported a loss of $204 million for the first nine months of 2024 and is focusing on restructuring to secure more cash, which may include laying off 270 employees worldwide.
Currently, Idorsia’s best-selling drug is Quviviq (daridorexant) for insomnia, which earned $35.1 million in 2023. They expect sales to increase to $61.4 million in 2024 and project the drug will be profitable by 2026.