ALTANA AG Takes Minority Equity Stake in GPC Biotech AG

02-Nov-2001

GPC Biotech AG (Frankfurt Stock Exchange: GPC) announced today that Altana (Bad Homburg v. d. H., Germany) will make an equity investment in GPC Biotech of EUR 34.2 million. GPC Biotech will issue 1,690,000 new bearer shares to ALTANA at a purchase price of EUR 20.25 per share. ALTANA will hold a minority stake of 8.3 percent in GPC Biotech.

"We are delighted to have ALTANA as a new strategic investor. This reflects ALTANA's strong support of GPC Biotech as well as its satisfaction with our ongoing alliances. ALTANA's substantial investment further solidifies GPC Biotech's already strong cash position", commented Bernd R. Seizinger, M.D., Ph.D., President and CEO of GPC Biotech.

"GPC Biotech belongs to the most interesting and sophisticated transatlantic biotech companies with locations in Germany and the US. GPC Biotech has proved itself in a reliable and competent partnership which builds the foundation for our entrance as strategic investor", said Dr. Hans-Joachim Lohrisch, member of the managing board of ALTANA AG.

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