Author Archives: CapLaw

Idorsia Ltd demerges from Actelion and lists on SIX Swiss Exchange

On June 16, 2017, having completed its demerger from Actelion Ltd, Idorsia Ltd (“Idorsia”) commenced trading on SIX Swiss Exchange. On its first day of trading, the shares of Idorsia Ltd opened at a price of CHF 10.00. Idorsia is an independent biopharmaceutical company specialized in the discovery, development and commercialization of small molecule therapeutics to meet significant unmet medical needs. It is based in Allschwil, Switzerland and has over 600 employees.

Landis+Gyr Initial Public Offering on SIX Swiss Exchange

On 21 July 2017, Landis+Gyr Group AG (“Landis+Gyr”) announced the pricing of its initial public offering on SIX Swiss Exchange at an offer price of CHF 78 per share, pricing at the top half of the offer price range. Trading of the Landis+Gyr shares on SIX Swiss Exchange commenced on the same day. With a total offer size of CHF 2.3 billion, the IPO of Landis+Gyr has been the largest IPO on SIX of the past ten years and thus far the second largest IPO in Europe of this year. Landis+Gyr is a leading global provider of smart metering and energy management solutions, operating one of the largest installed bases in the industry with over 300 million devices. Building on over 120 years of industry experience, Landis+Gyr has been at the forefront of the evolution of the global utility industry, enabling its transition from traditional towards “smart” grids.

Developments in Corporate Governance in accordance with the Swiss Corporate Law Reform Bill 2016

Neuerungen im Bereich der Corporate Governance gemäss Vorlage zur Aktienrechtsrevision 2016

Friday, 27 October 2017, CS Forum St. Peter, Zurich

4th Conference on Compliance in the Financial Services Industry

(4. Tagung zur Compliance im Finanzdienstleistungsbereich)

Wednesday, 22 November 2017, Lake Side, Zurich

Capital Markets and Transactions XIII

(Kapitalmarkt – Recht und Transaktionen XIII)

Tuesday, 28 November 2017, Metropol, Zurich

FINMA recognizes REGIS-TR as the first foreign trade repository

On 3 April 2017, FINMA officially announced the recognition of REGIS-TR as the first foreign trade repository for the purpose of derivatives trading under the Swiss Federal Markets Infrastructure Act in Switzerland.

IPO of Galenica Santé

Galenica (expected to be renamed Vifor Pharma) has sold its shares in Galenica Santé by way of an initial public offering (IPO) on the SIX Swiss Exchange. The IPO volume was CHF 1.9 bn making it the largest IPO announced in Europe so far this year. The shares of Galenica Santé (ticker symbol: GALE) were priced at CHF 39.00.

Capital Increase of Credit Suisse Group

On 25 April 2017, Credit Suisse Group AG announced that it plans to issue new shares in a total amount of approximately CHF 4 bn (excluding the issuance of any new shares from the exercise of rights allotted on shares received as scrip dividend) by way of a rights offering to existing shareholders underwritten by a banking syndicate. The capital increase was subject to shareholder approval in an extraordinary general meeting held on 18 May 2017. Closing has occurred on 8 June 2017.

Helvetia issues EUR 500 m hybrid bonds via a repack structure

On 11 April 2017, Helvetia Schweizerische Versicherungsgesellschaft AG (Helvetia) successfully issued EUR 500 m hybrid bonds. Helvetia made use of a repack structure whereby issuers domiciled in Switzerland may access international debt capital markets free of withholding tax. Helvetia placed loan notes (the Loan Notes) governed by Swiss law and guaranteed on a subordinated basis by Helvetia Holding AG to a
multi-issuance vehicle domiciled in The Netherlands, which in turn issued secured notes (the Secured Notes) governed by English law and secured by the claims under the Loan Notes. The Secured Notes were placed with investors in the international debt capital markets and will be listed on the Irish Stock Exchange.

Rights Offering of Lonza

On 12 May 2017, Lonza Group completed a capital increase by way of a rights offering raising gross proceeds of approximately CHF 2.25 bn. The proceeds will be used to partially finance the acquisition of Capsugel. The rights offering has been fully underwritten by a banking syndicate.