In another blow to GPC, Celgene has decided to drop out of its co-development and licensing pact for the cancer drug satraplatin. Celgene is returning rights to the drug in Europe, Turkey, the Middle East, Australia and New Zealand. GCP has been on the ropes since satraplatin failed to help prostate cancer patients live longer in a critical late-stage trial. Since then the drug developer has cut staff and is on the hunt for an M&A partner.
GPC CEO Bernd R. Seizinger 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."
- here's the GPC release