GPC Biotech, Agennix To Merge

GPC Biotech, in Munich, and Houston-based Agennix have agreed to merge to expand and sustain their oncology pipelines. The new German company will receive a $19 million cash infusion from the investment firm of Dietmar Hopp, who is cofounder of software firm SAP and a major shareholder in GPC Biotech. For GPC Biotech, the deal is part of an effort to rebuild after a series of setbacks for its lead prostate cancer treatment, satraplatin. For Agennix, the merger will help accelerate the development of its lead cancer drug, talactoferrin, which is a recombinant form of human lactoferrin, currently in Phase III trials for treatment of lung cancer.