GPC Biotech AG (GPCB) To Merge With Agennix
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GPC Biotech AG (NASDAQ: GPCB) and Agennix announced that the two oncology-focused biotechnology companies have signed a Business Combination Agreement under which they propose to merge their businesses.
In the transaction, GPC Biotech is to be merged onto a new German company, which will hold all of the shares of Agennix and a €15 million cash contribution by dievini Hopp BioTech holding GmbH & Co KG, an investment company of Dietmar Hopp, co-founder of SAP, and one of the largest shareholders of GPC Biotech.
The agreement assumes a merger ratio resulting in an economic ownership in the new company as follows: Agennix shareholders (approximately 48.0%), GPC Biotech shareholders (approximately 39.3%), and approximately 12.7% being attributed to the capital increase by dievini Hopp BioTech holding.
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