DGAP-Adhoc
PAION RECEIVES EURO 20 MILLION FOR SALE OF REMAINING DESMOTEPLASE RIGHTS TO H. LUNDBECK A/S
PAION AG / Key word(s): Disposal
28.02.2012 15:14
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
PAION RECEIVES EURO 20 MILLION FOR SALE OF REMAINING DESMOTEPLASE RIGHTS TO
H. LUNDBECK A/S
- Proceeds secure financial liquidity into 2014
- PAION to focus on specialty pharma strategy in anaesthesia
Aachen (Germany), 28 February 2012 - PAION AG (ISIN DE000A0B65S3; Frankfurt
Stock Exchange Prime Standard: PA8) today announces that its wholly owned
affiliate PAION Deutschland GmbH (together with PAION AG ´PAION´) has sold
all of its remaining development, commercial and IP rights as well as
know-how to Desmoteplase to H. Lundbeck A/S (´Lundbeck´) and Lundbeck
enters into PAION´s existing agreement with Bayer Pharma AG (´Bayer´). The
purchase price amounts to EUR 20.1 million. As a result, further
obligations of Lundbeck towards PAION, as defined in the previous
Desmoteplase licence agreement, such as milestone payments and royalties,
will lapse as well as all milestone and royalty obligations towards Bayer.
In 2005, PAION granted Lundbeck exclusive worldwide rights outside the USA
to develop and market Desmoteplase to treat acute ischemic stroke. In 2008,
this deal was expanded to provide Lundbeck exclusive, global rights to
develop and commercialise Desmoteplase. PAION retained an option to
participate in commercialising Desmoteplase in German-speaking countries.
In 2010, PAION expanded the agreement further and granted Lundbeck research
rights and access to potential Desmoteplase follow-on compounds that were
identified by PAION as well as patent maintenance rights. With today´s
agreement, all remaining project rights and the agreement with Bayer are
transferred to Lundbeck. An amount of EUR 16.5 million is due at closing
which is expected to occur later today; EUR 2.1 million of the remaining
amount are due after further data and know-how transfer have been
completed, which is expected a short period after the closing. EUR 1.5
million will be placed in escrow for 12 months and is payable thereafter.
In 2008, PAION decided, through the acquisition of CeNeS Pharmaceuticals,
to expand in the field of anaesthesia and to de-risk its business by
transferring additional rights to Lundbeck through the expanded
Desmoteplase licence agreement. With the transaction announced today, PAION
has made the strategic decision to continue this path and to completely
abandon the high-risk area of stroke and its exposure to the success of
Desmoteplase. PAION´s focus is now on out-licensing Remimazolam and to
position itself as a specialist player in the area of anaesthesia and
critical care. The proceeds from the sale of Desmoteplase will be used
accordingly.
Following the completion of the transaction announced today PAION will have
approximately EUR 22.5 million in cash and cash equivalents. This
transaction ensures sufficient funding of corporate activities into 2014.
This does not include further revenues from existing and future licence
agreements. PAION´s partnering flexibility for Remimazolam is strengthened
significantly by the improved cash position.
###
Contact
Ralf Penner
Director Investor Relations / Public Relations
PAION AG
Martinstrasse 10-12
52062 Aachen - Germany
Phone: +49 241 4453-152
E-mail: r.penner@paion.com
www.paion.com
Disclaimer:
This release contains certain forward-looking statements concerning the
future business of PAION AG. These forward-looking statements contained
herein are based on the current expectations, estimates and projections of
PAION AG´s management as of the date of this release. They are subject to a
number of assumptions and involve known and unknown risks, uncertainties
and other factors. Should actual conditions differ from the Company´s
assumptions, actual results and actions may differ materially from any
future results and developments expressed or implied by such
forward-looking statements. Considering the risks, uncertainties and other
factors involved, recipients should not rely unreasonably upon these
forward-looking statements. PAION AG has no obligation to periodically
update any such forward-looking statements to reflect future events or
developments.
28.02.2012 DGAP´s Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
Language: English
Company: PAION AG
Martinstr. 10-12
52062 Aachen
Germany
Phone: +49 (0)241-4453-0
Fax: +49 (0)241-4453-100
E-mail: info@paion.com
Internet: www.paion.com
ISIN: DE000A0B65S3
WKN: A0B65S
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, Hamburg, München, Stuttgart
End of Announcement DGAP News-Service
H. LUNDBECK A/S
- Proceeds secure financial liquidity into 2014
- PAION to focus on specialty pharma strategy in anaesthesia
Aachen (Germany), 28 February 2012 - PAION AG (ISIN DE000A0B65S3; Frankfurt
Stock Exchange Prime Standard: PA8) today announces that its wholly owned
affiliate PAION Deutschland GmbH (together with PAION AG ´PAION´) has sold
all of its remaining development, commercial and IP rights as well as
know-how to Desmoteplase to H. Lundbeck A/S (´Lundbeck´) and Lundbeck
enters into PAION´s existing agreement with Bayer Pharma AG (´Bayer´). The
purchase price amounts to EUR 20.1 million. As a result, further
obligations of Lundbeck towards PAION, as defined in the previous
Desmoteplase licence agreement, such as milestone payments and royalties,
will lapse as well as all milestone and royalty obligations towards Bayer.
In 2005, PAION granted Lundbeck exclusive worldwide rights outside the USA
to develop and market Desmoteplase to treat acute ischemic stroke. In 2008,
this deal was expanded to provide Lundbeck exclusive, global rights to
develop and commercialise Desmoteplase. PAION retained an option to
participate in commercialising Desmoteplase in German-speaking countries.
In 2010, PAION expanded the agreement further and granted Lundbeck research
rights and access to potential Desmoteplase follow-on compounds that were
identified by PAION as well as patent maintenance rights. With today´s
agreement, all remaining project rights and the agreement with Bayer are
transferred to Lundbeck. An amount of EUR 16.5 million is due at closing
which is expected to occur later today; EUR 2.1 million of the remaining
amount are due after further data and know-how transfer have been
completed, which is expected a short period after the closing. EUR 1.5
million will be placed in escrow for 12 months and is payable thereafter.
In 2008, PAION decided, through the acquisition of CeNeS Pharmaceuticals,
to expand in the field of anaesthesia and to de-risk its business by
transferring additional rights to Lundbeck through the expanded
Desmoteplase licence agreement. With the transaction announced today, PAION
has made the strategic decision to continue this path and to completely
abandon the high-risk area of stroke and its exposure to the success of
Desmoteplase. PAION´s focus is now on out-licensing Remimazolam and to
position itself as a specialist player in the area of anaesthesia and
critical care. The proceeds from the sale of Desmoteplase will be used
accordingly.
Following the completion of the transaction announced today PAION will have
approximately EUR 22.5 million in cash and cash equivalents. This
transaction ensures sufficient funding of corporate activities into 2014.
This does not include further revenues from existing and future licence
agreements. PAION´s partnering flexibility for Remimazolam is strengthened
significantly by the improved cash position.
###
Contact
Ralf Penner
Director Investor Relations / Public Relations
PAION AG
Martinstrasse 10-12
52062 Aachen - Germany
Phone: +49 241 4453-152
E-mail: r.penner@paion.com
www.paion.com
Disclaimer:
This release contains certain forward-looking statements concerning the
future business of PAION AG. These forward-looking statements contained
herein are based on the current expectations, estimates and projections of
PAION AG´s management as of the date of this release. They are subject to a
number of assumptions and involve known and unknown risks, uncertainties
and other factors. Should actual conditions differ from the Company´s
assumptions, actual results and actions may differ materially from any
future results and developments expressed or implied by such
forward-looking statements. Considering the risks, uncertainties and other
factors involved, recipients should not rely unreasonably upon these
forward-looking statements. PAION AG has no obligation to periodically
update any such forward-looking statements to reflect future events or
developments.
28.02.2012 DGAP´s Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
Language: English
Company: PAION AG
Martinstr. 10-12
52062 Aachen
Germany
Phone: +49 (0)241-4453-0
Fax: +49 (0)241-4453-100
E-mail: info@paion.com
Internet: www.paion.com
ISIN: DE000A0B65S3
WKN: A0B65S
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, Hamburg, München, Stuttgart
End of Announcement DGAP News-Service
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