- Largest Pharmaceutical Alliance in German Biotech to Date -
- ALTANA Group Commits Total of US$ 120 Million Over 5-1/2 Years to Establish
Waltham/Boston Research Facility -
MARTINSRIED/MUNICH, Germany and WALTHAM/BOSTON, Mass., Nov. 8
/PRNewswire/ -- GPC Biotech AG (Frankfurt Stock Exchange: GPC) today announced
a major alliance with Byk Gulden, the pharmaceuticals group of ALTANA, to
establish a U.S. Genomics Research Center in Waltham/Boston, MA (USA) to be
owned by the ALTANA Group (Bad Homburg v. d. H., Germany). GPC Biotech and the
ALTANA Group have entered into three agreements under which the ALTANA Group
has committed a total of US$ 120 million to the Center over the 5-1/2 year
term of the alliance. Of that, GPC Biotech will receive US$ 60 million from
Byk Gulden in committed funding under a collaboration and license agreement in
the form of an upfront payment, technology license and implementation fees, as
well as research and technology transfer funding. GPC Biotech will non-
exclusively license selected genomics, proteomics, automation and
bioinformatics technologies to Byk Gulden and will collaborate with Byk Gulden
on two undisclosed drug discovery programs. Furthermore, GPC Biotech is
expected to receive another US$ 10 million during the term of the alliance
under a sublease agreement and a service agreement.
In addition to the US$ 70 million funding above, GPC Biotech is eligible
to receive undisclosed research, preclinical and clinical milestone payments
and royalty payments for each product resulting from the two collaborative
drug discovery programs. Byk Gulden is committing US$ 50 million in internal
research funding to these drug discovery programs and the technology transfer
over the next 5-1/2 years.
"ALTANA is one of the most dynamic and fastest growing companies in the
pharmaceutical industry. We are proud to assist ALTANA on both sides of the
Atlantic with the implementation of genomics and proteomics technologies aimed
at improving the speed and productivity of drug discovery and development. Our
broad integrated technology platform, combined with our strong U.S. presence
were key drivers in achieving this major alliance. This collaboration
represents to our knowledge based on public data the largest pharmaceutical
alliance by a German biotech company to date and reflects GPC Biotech's
international stature," said Bernd R. Seizinger, M.D., Ph.D., President and
CEO of GPC Biotech.
"With GPC Biotech we have found an ideal partner to gain the technological
know-how within the field of genomics/proteomics. We want to profit from GPC
Biotech's experience as a transatlantic biotech company, in order to
strengthen our presence on the US pharmaceuticals market with our own
innovative products in the long run," said Dr. Hans-Joachim Lohrisch, member
of the ALTANA AG managing board.
Scientists from GPC Biotech and the ALTANA Group will work together to
further enhance and apply the licensed technologies in two undisclosed drug
discovery programs of Byk Gulden. GPC Biotech will retain all rights to its
technologies and will own all rights to any improvements to its technologies
that are developed at the Center. GPC Biotech also has the right to
commercialize other jointly developed technologies.
Under a sublease agreement, GPC Biotech will sublease a separated area of
up to 25,000 sq.ft. of its over 85,000 sq. ft. Waltham/Boston facility to the
Center, which is expected to host up to 55 employees. Under a service
agreement, GPC Biotech will provide certain services in connection with the
rapid establishment of the Center, such as laboratory services, facilities
management and purchasing assistance.
GPC Biotech and Byk Gulden have two ongoing multi-year alliances. In 1998,
the two companies began a collaboration in the area of anti-infectives
(Helicobacter pylori), the success of which has been documented by the
achievement of recently announced milestones. In January 2001, a drug target
identification and drug discovery alliance in oncology was announced.
GPC Biotech AG is a genomics- and proteomics-driven drug discovery company
focused on applying a number of proprietary genomic, proteomic and drug
discovery technologies to accelerate the identification and validation of
novel drug targets for development of mechanism-based drugs in oncology,
infectious diseases and immunology. GPC Biotech has leading cell cycle
expertise and a broad intellectual property position with 62 patents issued,
that are wholly owned, co-owned or exclusively/co-exclusively licensed, and
over 180 patents pending. Drug discovery alliance partners include: Aventis
Pharma (PAVE.PSE), Boehringer Ingelheim International GmbH, the Altana AG
(ALT.FSE) pharmaceuticals group Byk Gulden, Cell Genesys, Inc. (CEGE.NAS),
MorphoSys AG (MOR.FSE) and Karo Bio USA (KARO.SSE). GPC Biotech AG is
headquartered in Martinsried/Munich (Germany) with two wholly owned US
subsidiaries in Waltham/Boston, MA and in Princeton, NJ. For further
information, please visit the corporate website at:
http://www.gpc-biotech.com.
ALTANA AG is an international pharmaceuticals and chemicals group with
sales of about EUR 2 billion and more than 9.300 employees all over the world.
Its pharmaceuticals group Byk Gulden (Constance) concentrates on the areas
Therapeutics, Diagnostics and self-medication and focuses on innovative
pharmaceutical research (gastrointestinal, respiratory, oncology). Byk Gulden
represents a group of 28 subsidiaries and participations in Europe, the
Americas and Asia.
The economic projections and forward-looking statements contained in this
document relate to future facts. Such projections and forward-looking
statements are subject to risks which cannot be foreseen and which are beyond
the control of GPC Biotech AG. GPC Biotech AG is therefore not in a position
to make any representation as to the accuracy of economic projections and
forward-looking statements or their impact on the financial situation of GPC
Biotech AG or the market in the shares of GPC Biotech AG.
For further information please contact:
GPC Biotech AG Noonan/Russo Communications
Petra Bassen Ernie Knewitz
Head of Investor Relations & Vice President
Corporate Communications
Phone: +49 (0)89 8565-2691 Phone: +1 212 696 4455 ext. 204
Fax: +49 (0)89 8565-2610 Fax: +1 212 696 9463
petra.bassen@gpc-biotech.com e.knewitz@noonanrusso.com
Eva Schier
Investor Relations & Corporate Communications Specialist
Phone: +49 (0)89 8565-2693
eva.schier@gpc-biotech.com
SOURCE GPC Biotech AG
 back to top
Related links:
http://www.gpc-biotech.com
CONTACT:
Petra Bassen, Head of Investor Relations &
Corporate Communications, +49-0-89-8565-2691, fax,
+49-0-89-8565-2610, petra.bassen@gpc-biotech.com, or Eva Schier
Investor Relations & Corporate Communications Specialist,
+49-0-89-8565-2693, eva.schier@gpc-biotech.com, of GPC Biotech
AG; or Ernie Knewitz, Vice President of Noonan-Russo
Communications, +1-212-696-4455, ext. 204, fax, +1-212-696-9463,
e.knewitz@noonanrusso.com
|
