Noerr advises Close Brothers on PAION AG capital increase

The law firm Noerr advised Close Brother Seydler Bank AG on a capital increase by rights issue at PAION AG. Close Brothers dealt with the transaction as Sole Global Coordinator and Bookrunner.

The proceeds of the issue of approx. 46 million Euro will be used by the biopharmaceutical company from Aachen mainly for the further development of the anaesthetic “Remimazolam” in the USA and the EU. Any residue will be invested in preparing the market entry.  

The shareholders were entitled to subscribe approx. 18.5 million new shares at 2.50 Euro each. Within the subscription period, existing shareholders subscribed almost 98% of the new shares. The remaining shares were successfully placed in an accelerated bookbuilding with institutional investors. On 11 July, the new shares were included in the existing listing of the company on the regulated market (Prime Standard of the Frankfurt exchange).

Advisor Close Brother Seydler Bank AG: Noerr LLP

Dr. Laurenz Wieneke (leading), Dr. Maximilian Uibeleisen (pharmaceutical law /compliance)

Associate: Dominik Kloka (capital markets law, all Frankfurt)