Over 11 years since it commenced operations, the days of CeNeS as an independent concern are ended as its takeover by Paion AG has been completed.

The German drugmaker now owns 100% of CeNeS’ share capital following the announcement of the all-stock deal in April, which valued the Cambridge-based firm at £10.9 million. CeNeS stockholders will receive 0.3521 newly-issued Paion shares, which will be listed in Frankfurt and the London Stock Exchange’s AIM this week, for each share they owned.

The sale of CeNeS was fairly inevitable after its share price struggled as investors became concerned about its inability to get a licensing partner for its lead product, M6G (morphine-6-glucuronide) for post-operative pain. No deal materialised, which reduced CeNeS’ value considerably to the point where a buyer rather than a partner was sought.

Paion is clearly pleased and chief executive Wolfgang Sohngen said that the deal is another important step in the firm’s turnaround “and we want to use the momentum we have created”. He added that progress has already been made “in the ongoing integration process and the mutual understanding regarding projects”.

He also thanked the members of the management team of CeNeS who are leaving for their support. Of that team, only Gavin Kilpatrick, chief scientific officer, is staying on.