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| Wednesday, September 27, 2006 |
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Germany's Altana said it sold its stake in biopharmaceutical firm GPC Biotech to Goldman Sachs, two days after success in tests of GPC's main drug hope sent the stock up 40 percent.
Altana said on Wednesday it had sold the 7.1 percent GPC stake to investment bank Goldman Sachs . Investment banks typically buy shares in companies and place them with institutional investors at a later date.
An Altana spokesman said the selling price "did not differ strongly" from the current market value of the 2.36 million shares, which Altana said was around 36.3 million euros ($46.06 million).
Altana decided last week to sell its drugs unit to Danish group Nycomed for 4.5 billion euros ($5.71 billion). Proceeds from the sale are expected to be distributed to Altana shareholders in the coming year.
In future it will focus on its chemicals business, which it has said it wants to grow through both organic means and acquisitions.
GPC Biotech, which is listed on the German technology index <.TECDAX>, said on Monday that it expected to submit satraplatin for U.S. approval as a treatment for prostate cancer after tests proved successful.
GPC has said satraplatin could provide the company with peak sales of more than $500 million.
Shares in Altana were 0.8 percent lower at 44.23 euros by 1425 GMT, while GPC shares were 1.3 percent down at 15.20 euros. |
posted by pharma-insight @ 8:51 AM  |
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