GPC Biotech and Agennix agree to merge
GPC Biotech and Agennix, two oncology-focused biotechnology companies, propose to merge.
GPC Biotech and Agennix, two oncology-focused biotechnology companies, propose to merge.
In the transaction, GPC Biotech will be bolted onto a new German company, which will hold all Agennix shares plus Euro 15m in cash from Dievini Hopp BioTech, an investment company of Dietmar Hopp, co-founder of SAP, and one of GPC Biotech's largest shareholders.
The merger will combine Agennix's Phase 3 novel oncology therapy, talactoferrin, with the clinical development and financial resources of GPC Biotech and Dievini Hopp BioTech.
The directors of both companies have voted unanimously to support the proposed merger, which is subject to the approval of shareholders" meetings. The merger will be subject to further closing conditions, including anti-trust clearances and should be completed by the end of 2009.
Bernd Seizinger, ceo of GPC Biotech, said: "We are truly excited to join forces with Agennix to develop its novel approach to cancer therapy, talactoferrin, which is currently in Phase 3 clinical development in non-small cell lung cancer, an area of major unmet need and the most frequent cause of cancer death. The skill set and programmes that the Agennix team brings to the combined organisation is highly complementary to our own group and pipeline."
Rick Barsky, ceo of Agennix, added: "This transaction brings us the critical human and financial resources to accelerate the development of this important anti-cancer therapy in an area in great need of new treatments."
The new company will initially have three sites: GPC Biotech's offices in Munich, Germany and in Princeton, New Jersey, and Agennix's site in Houston, Texas.
GPC Biotech has made a US$20m (Euro 15m) loan to Agennix to support the clinical development of talactoferrin.
A new ceo will be recruited for the combined entity. Meanwhile, Friedrich von Bohlen, md of Dievini Hopp BioTech, will serve as interim ceo. GPC Biotech's cfo Torsten Hombeck and Atul Varadhachary, president and coo of Agennix, will also serve on the new company's management board.
In addition, Dr Seizinger will step down as ceo of GPC Biotech to pursue other activities. He will, however, support the new company as a member of its supervisory board.