The specialty pharmaceutical company PAION AG (ISIN DE000A3E5EG5; Frankfurt Stock Exchange, PA8) announces that PAION AG and its German subsidiary, PAION Deutschland GmbH, with the consent of the provisional insolvency administrator of PAION AG and PAION Deutschland GmbH, Mr. Attorney at Law Dr. Mark Boddenberg, today concluded the negotiations with the HumanWell Healthcare Group (“Humanwell”) and concluded a contract for the sale of the key business operations of PAION AG and PAION Deutschland GmbH.
The M&A process (firesale), in collaboration with the M&A consultancy Falkensteg (Düsseldorf) and the provisional insolvency administrator RA Dr. Mark Boddenberg (Eckert Rechtsanwälte), was successfully completed as part of a bidding process.
The proceeds from the sale will go to the insolvent estates of the two companies. PAION AG and PAION GmbH will be wound up as part of the insolvency proceedings; PAION AG shareholders are unlikely to receive any payments.
Tilmann Bur, board member of PAION AG, said: “It gives us great satisfaction to know that the core of our company and its products are in competent hands. This ensures that patients can continue to benefit from high-quality therapy options. We also owe this to the committed efforts of our employees and the cooperative support of our partners.”
The provisional Iinsolvency administrator, lawyer Dr. Mark Boddenberg, appointed by the Aachen District Court, added: “The sale will ensure that numerous jobs are retained. My thanks go to everyone involved for their commitment and professional cooperation, without which this deal would not have been possible.”
Since 2012, Humanwell, through its subsidiary Yichang Humanwell, and PAION have had an exclusive Remimazolam license agreement for the Chinese market. In 2022, a patent rights assignment agreement was entered into with Humanwell. Pursuant to this agreement, PAION transferred to Humanwell all Chinese remimazolam patents and associated future royalties for sales in China.
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2023-12-22 19:16:38
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