GPC Biotech AG (GPCB)

[surf1944]

GPC Biotech Reports that Celgene to Terminate Co-Development and License Agreement for Satraplatin
Wednesday August 6, 6:01 pm ET


MARTINSRIED/MUNICH, Germany & PRINCETON, N.J.--(BUSINESS WIRE)--GPC Biotech AG (Frankfurt Stock Exchange: GPC, NASDAQ: GPCB) today reported that the Company has received notice from Celgene Corporation of its decision to terminate its co-development and license agreement with GPC Biotech for satraplatin in Europe, Turkey, the Middle East, Australia and New Zealand. All rights to these territories will be returned to GPC Biotech.

Bernd R. Seizinger, M.D., Ph.D., Chief Executive Officer of GPC Biotech said: “We are disappointed, but we understand Celgene’s decision given their recent withdrawal of the Marketing Authorization Application for satraplatin in Europe. We plan to decide in the near future the next steps regarding the development of satraplatin, and we will continue to focus our other efforts on advancing our RGB-286638 kinase inhibitor into the clinic and exploring various merger and acquisition opportunities.”