EQS-News

PAION AG: Sale of the business operations

EQS-News: PAION AG / Key word(s): Miscellaneous PAION AG: Sale of the business operations 22.12.2023 / 16:33 CET/CEST The issuer is solely responsible for the content of this announcement. PAION AG: Sale of the business operations

 

Aachen (Germany), 22 December 2023 - The Specialty Pharma Company PAION AG (ISIN DE000A3E5EG5; Frankfurt Stock Exchange, PA8) announces that PAION AG and its German subsidiary, PAION Deutschland GmbH, with the approval of the preliminary insolvency administrator of PAION AG and PAION Deutschland GmbH, attorney Dr. Mark Boddenberg, today concluded negotiations with HumanWell Healthcare Group ("Humanwell") and entered into an agreement on the sale of the essential business operations of PAION AG and PAION Deutschland GmbH.

The M&A process (fire sale), in cooperation with the M&A consultancy Falkensteg (Düsseldorf) and the provisional insolvency administrator Dr. Mark Boddenberg (Eckert Rechtsanwälte), was successfully concluded as part of a bidding process.

The proceeds from the sale will go to the insolvency estates of the two companies. PAION AG and PAION GmbH will be wound up as part of the insolvency proceedings; shareholders of PAION AG are not expected to receive any payments.

Tilmann Bur, CEO of PAION AG, commented as follows: "It fills us with great satisfaction to know that the core of our company and its products are being placed in competent hands. This ensures that patients can continue to benefit from high-quality therapy options. We also owe this to the dedicated efforts of our employees and the cooperative support of our partners."

The provisional insolvency administrator, lawyer Dr. Mark Boddenberg, who was appointed by Aachen Local Court, added: "The sale will ensure that numerous jobs are preserved. I would like to thank everyone involved for their commitment and professional cooperation, without which this deal would not have been possible."

An exclusive remimazolam license agreement for the Chinese market had been in place between Humanwell, via its subsidiary Yichang Humanwell, and PAION since 2012. In 2022, an agreement on the assignment of patent rights was concluded with Humanwell. Under this agreement, PAION transferred all Chinese remimazolam patents and related future royalties for sales in China to Humanwell.