OTS - CO.DON finally saved - investor has taken over the business operations of the Leipzig-based biopharmacy company with an additional location in Teltow, Brandenburg.
2023. January 26. 09:42
Leipzig / Teltow, 26 January, 2023 (APA/OTS) - CO.DON continues
business operations as a GmbH (limited liability company)- With
effect from 20.01.2023, CO.DON's business activities will be
continued in the legal form of a GmbH (limited liability company)
following a transferring reorganisation.
The asset deal with Rejuvenate GmbH, a company of the
American-Chinese ReLive Group, concluded in October 2022 as a
result of a structured M&A process, has now been successfully
completed through the fulfilment of the suspensive contractual
conditions. Rejuvenate GmbH, which is now renamed into CO.DON GmbH,
took over the operative business and the cooperation with business
partners and customers will continue seamlessly. The former CO.DON
AG executive board member, who has been leading the company through
the insolvency proceedings in self-administration, has been
appointed managing director of CO.DON GmbH. The remaining
liquidation of CO.DON AG in the regular insolvency proceedings will
be carried out by lawyer Rüdiger Wienberg, who has now been
appointed insolvency administrator by the insolvency court. The
asset deal was professionally accompanied by Dr. Wieselhuber &
Partner GmbH under the leadership of the distressed M&A team led by
Jörg Balz.
Tilmann Bur, Managing Director of CO.DON GmbH: "Thanks to the
professional support of the administrator, Mr. Rüdiger Wienberg,
lawyer, and his team led by Michael Döhner, lawyer, as well as our
advisors from Aderhold Rechtsanwaltsgesellschaft, led by Patrick
Klawa, lawyer, and Bianca Böttcher, lawyer, the structured M&A
process has now been brought to this positive conclusion. As an
important and integral part of the ReLive Group, there is a clear
vision for the future of CO.DON GmbH. In addition to stable growth
in our existing markets, we are aiming for a strong global
positioning in the field of regenerative therapies."
Dr. Zhao, Founder and CEO of ReLive: "With the acquisition of
CO.DON, we are expanding our future-oriented business in the field
of regenerative medicine with the only EMA-approved cell therapy
product for cartilage repair. With this transaction, we are
continuing our R&D and business development strategies to become a
global leader in tissue engineering and regenerative medicine."
Rüdiger Wienberg is delighted with the successful restructuring
solution: "After continuing business operations since the summer of
2022, it was possible to implement a viable restructuring solution
under the most difficult economic conditions together with the
self-administration set up in the best possible way by the
restructuring specialists from Aderhold. This not only secures the
company's know-how and locations in Germany, but also saves over 90
% of the jobs. This would not have been possible without the trust
of customers, employees and suppliers on the one hand and the
support of the Federal Ministry for Economic Affairs and Climate
Action as well as the competent state authorities in Saxony and
Brandenburg on the other - I would like to express my sincere
thanks to all of them," says Wienberg. At the same time, Wienberg
is optimistic that "from an economic point of view, this successful
restructuring will also lead to a very good economic result for
CO.DON AG's creditors".
CO.DON AG develops, produces and distributes autologous cell
therapies for the minimally invasive repair of cartilage defects.
The product being marketed is a cell therapy product for the
minimally invasive treatment of cartilage damage in the knee joint
that uses only the patient's own cartilage cells ("autologous
chondrocytes"). CO.DON's method is currently used in over 200
clinics in Germany and more than 18,000 patients have already been
treated. In July 2017 CO.DON AG received central EU marketing
authorization for this product, followed by the marketing
authorization for Switzerland in March 2019. At the Leipzig site,
CO.DON has built one of the largest facilities for the production
of human cells on an industrial scale for in-house and contract
manufacturing. Managing Directors: Tilmann Bur / Chen Li.
Further information is available from www.codon.de.
Contact
Matthias Meißner
Director Corporate Communications
T: +49 (0)341 99190 330
F: +49 (0)341 99190 309
E: pr@codon.de
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