Struggling GPC looking for merger or acquisition

Wanted: Private drug developer interested in partnering with struggling biotech specializing in cancer therapies. GPC Biotech essentially posted that message when its CEO announced that he is looking to partner up with a private biopharma player that would see extra value in the drug developer's listings in the U.S. and German markets. CEO Bernd Seizinger tells Financial Time Deutschland that he plans to stay on with the company as it tries to survive the late-stage failure of satraplatin. In recent days GPC has laid off almost half of its staff. Any alliance the company makes would focus exclusively on cancer therapies, he says. And Seizinger denies that he ignored warnings from the FDA when he pushed ahead with satraplatin. GPC has about $90 million in cash reserves.

- read the report from Thomson Financial

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