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2023. január 26., csütörtök 09:42 |
 CO.DON finally saved - investor has taken over the business operations of the Leipzig-based biopharmacy company with an additional location in Teltow, Brandenburg. |
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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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