GPC Biotech Buys Drug Discovery Company for $18 Million in Stock

GPC Biotech, which has its U.S. headquarters in Waltham, said it would buy the assets of Axxima Pharmaceuticals, a Munich, Germany-based drug discovery firm for about $18 million in stock. GPC will purchase Axxima for 1.3 million shares of stock from a holding company that was formed when the company filed for bankruptcy in December 2004. Axxima specialized in kinase-based drug discovery aimed at treating certain forms of cancer. GPC CEO Bernd Seizinger said the deal offered a chance to get strong technology in that field at a "very favorable price."

Boston Business Journal (http://www.bizjournals.com/boston/stories/2005/02/28/daily38.html)