Cases & Deals

Rejuvenate acquires entire business operations of cell transplants manufacturer co.don Aktiengesellschaft

Clients Rejuvenate GmbH

Jones Day advised Rejuvenate GmbH, a subsidiary of ReLive Biotechnologies, in connection with the acquisition of the business operations of co.don Aktiengesellschaft ("CO.DON") (including all shares in its Dutch, UK and Swiss subsidiaries). CO.DON is listed on the Frankfurt Stock Exchange and is a German manufacturer of personalized cell therapies for the treatment of cartilage defects. The assignment started with advice for an intended public takeover of CO.DON. Following the insolvency filing of CO.DON, advice was provided throughout the entire bidding process to acquire CO.DON’s business operations until the successful bid by Rejuvenate over several other bidders.

The transaction was very complex. Apart from its insolvency law aspects, which led to high time pressure in the entire process, authorizations for CO.DON’s products in the EU, Great Britain, and Switzerland as well as for its two manufacturing sites in Germany had to be newly granted within a very short period. To keep the operation of the insolvent company running, debtor-in-possession financing arrangements were required prior to the signing and closing of the transaction. A reorganization of employees has taken place to ensure a more efficient structure post-closing. The transaction required FDI clearance by the German Federal Government which the Firm successfully helped Rejuvenate to obtain.