GPC, ALT genomics center deal
GPC Biotech (NMarkt:GPC) announced a 5.5-year alliance with Byk Gulden (Constance, Germany), the pharmaceutical group of Altana (FSE:ALT), to establish a genomics research center in Waltham, Mass. The center will be located in GPC's 85,000 square foot U.S. subsidiary, and will be owned by ALT. GPC will non-exclusively license selected genomics, proteomics, automation and bioinformatics technologies to Byk Gulden, and support Byk Gulden in implementing the technology. ALT has committed $120 million to the center, of which GPC will receive $70 million, including a $10 million upfront payment and $10 million under a sublease and service agreement.
The companies also will collaborate on 2 undisclosed drug discovery programs. In addition to the $70 million, GPC will receive milestones and royalties. ALT has no option for an early termination of the collaboration. ...