The insolvent startup Mk2 Biotechnologies has been saved through a sale to new investors. The young company from Planegg near Munich had to file for insolvency in November of last year. The Munich District Court appointed attorney Marc-André Kuhne from the law firm Dkr Kuhne Dr. Raith Rechtsanwälte as provisional insolvency administrator. According to his statements, a buyer has now been found. The Munich-based company Protevo Bio, a newly founded investor consortium, is taking over Mk2 Biotechnologies in the form of a transferred restructuring. This secures the continuation of the startup and the retention of all seven jobs.
Mk2 Biotechnologies was founded in 2020 and works with a platform technology for cost-effective and individual peptide production. This technology is based on both the company’s own patent applications and exclusively licensed patents intended to secure long-term competitive advantages. The startup aims to enable its customers to independently produce and market peptides.
Bringing the technology to market maturity required substantial investments in research and development, partly financed through development partnerships. A press release cites the global crisis in the life sciences sector over the past two years as the cause of major cuts to development budgets at key customers. This had significant impact on Mk2 Biotechnologies’ planned business development. When a planned investor round failed to materialize, insolvency filing became unavoidable. While business continued to operate, the insolvency administrator searched for a buyer, which has now been found in Protevo Bio.
Attorney Kuhne comments:
“I am relieved that after intensive efforts to preserve business operations, we have been able to achieve a good investor solution. The company is now continuing on its path and will hopefully complete its development successfully.”
