Sale process of PAION is finalised

Sale process of PAION is finalised:
The future-oriented repositioning takes place under the umbrella of Humanwell

Aachen, 05 of March 2024: The sale of the business operations of the insolvent PAION AG and its subsidiary, PAION Deutschland GmbH, has been completed. Since 23 February 2024, PAION has continued its business as a subsidiary of the Humanwell Healthcare Group as a fully-fledged and independent company under the name PAION Pharma GmbH.

PAION's pharmaceutical expertise remains fully intact. In the research, development, manufacture and distribution of pharmaceutical products, Humanwell focuses on areas that match PAION's expertise in intensive care and anaesthesia. The strategic partnership is designed to complement and strengthen this area.

"The sale of PAION to Humanwell is a success for the insolvency process, as the majority of jobs have been saved and the full and comprehensive continuation of business operations has been secured. I am confident that PAION will be positioned for the future under the umbrella of Humanwell. This result is due to the committed and professional cooperation with managing director Tilmann Bur and the other parties involved in the proceedings," says Dr. Mark Boddenberg, who is accompanying the proceedings as the court-appointed insolvency administrator.

PAION's products will continue to be fully developed and marketed. PAION AG and PAION Deutschland GmbH will be wound up as part of the next steps in the insolvency proceedings. The proceeds from the sale will go to the insolvency estates of the companies. Shareholders of PAION AG are not expected to receive any payments.

With the support of M&A consultants Falkensteg (Düsseldorf) and the insolvency administrator Dr. Mark Boddenberg (ECKERT Rechtsanwälte), PAION began an M&A process (fire sale) at the end of last year in order to rescue the company, which had run into liquidity bottlenecks. The reason for the application was irregularities that became known in October 2023 in the area of responsibility of the company's CFO at the time with regard to financing that was essential for the company.

About Humanwell Healthcare Group
Humanwell Healthcare (Group) Co. Ltd. is a leading Chinese listed pharmaceutical company mainly engaged in the development, manufacture and distribution of drugs in the fields of anaesthesia and analgesics, gynaecological diseases, central nervous system, dermatology and respiratory diseases as well as other drugs used in hospitals. Humanwell has more than 520 approved drugs worldwide and 350 drug candidates in the pipeline. In 2022, Humanwell generated sales of USD 3.4 billion and a net profit of USD 0.38 billion. Humanwell distributes its products mainly in China, Africa and the USA and exports its products to more than 50 countries.

About PAION Pharma GmbH
PAION Pharma GmbH, headquartered in Aachen, Germany, is a subsidiary of the Humanwell Healthcare Group and a specialty pharmaceutical company specialising in innovative active pharmaceutical ingredients for use in outpatient and hospital sedation, anaesthesia and intensive care medicine.

Press contact:
Marlen Fasold
CONSILIUM Rechtskommunikation GmbH
+49 30 20 91 29 70