Altana takes 8.3% stake in GPC Biotech
Altana AG has announced plans to make an equity investment in fellowGerman firm GPC Biotech of 34.2 million euros ($30.9 million), giving it an 8.3% stake in the group. At the beginning of 2001, Byk Gulden, the drugmaking subsidiary of Altana, signed an R&D pact with GPC, potentially worth up to $100 million, aimed at developing new drugs for cancer (Marketletter January 22).
Bernd Seizinger, GPC's chief executive, said that having Altana as a new strategic investor reflects its strong support of GPC, "as well as its satisfaction with our ongoing alliances." Hans-Joachim Lohrisch, a member of Altana's board, claimed that GPC belongs among "the most interesting and sophisticated transatlantic biotech companies with locations in Germany and the USA," adding that it has "proved itself in a reliable and competent partnership which builds the foundation for our entrance as strategic investor."
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