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GPC Biotech Provides Update on Merger

Corporate news announcement processed and transmitted by Hugin AS.
The issuer is solely responsible for the content of this
announcement.
----------------------------------------------------------------------
--------------




* Merger into new Agennix AG on track to close before the
end of 2009
* Changes to future makeup of Management and Supervisory
Boards of Agennix AG
* Settlement of merger-related legal proceedings

Martinsried/Munich (Germany) and Princeton, N.J., October 8, 2009 -
GPC Biotech AG (Frankfurt Stock Exchange: GPC) today reported that
its planned merger, under which the Company will combine its business
with Agennix Incorporated, a privately held biotechnology company
located in Houston, Texas, remains on track to close before the end
of 2009. The Company resulting from the merger will be called
Agennix AG.

Changes to the future makeup of the Management and Supervisory Boards
of Agennix AG
The Company also today reported a change to the future Management
Board (Vorstand) of Agennix AG: Dr. Atul Varadhachary will resign
from his position as President and Chief Operating Officer of Agennix
Incorporated by mutual agreement. He will not be joining the
Management Board of Agennix AG. The other two future Agennix AG
Management Board members - Dr. Friedrich von Bohlen und Halbach
(interim Chief Executive Officer) and Dr. Torsten Hombeck (Chief
Financial Officer) - will serve as planned. Dr. Rajesh Malik, Chief
Medical Officer of Agennix Incorporated, who will also serve as Chief
Medical Officer of Agennix AG, will assume responsibility, effective
immediately, for all drug development activities previously managed
by Dr. Varadhachary.

Dr. Torsten Hombeck, Chief Financial Officer of GPC Biotech, said:
"I would like to thank Dr. Varadhachary for his valuable
contributions and wish him the best in his future endeavors. We are
looking forward to working with Dr. Malik as Chief Medical Officer to
advance the combined entity's clinical development programs, most
importantly the two Phase 3 trials of talactoferrin in non-small cell
lung cancer."
The Company also reported that Dr. Juergen Drews, current Chairman of
the Supervisory Board of GPC Biotech, will join the Supervisory Board
of Agennix AG as a member, completing the membership of the future
six-person Supervisory Board.

Merger-related legal proceedings settled
GPC Biotech reported that the lawsuits brought against the Company
following the Annual Shareholders' Meeting this summer at which the
merger agreement between the Company and diagennix GmbH (predecessor
to Agennix AG) was approved have been settled. As previously
disclosed, there were two lawsuits filed against the Company with the
regional court (Landgericht) in Munich, both claiming as null and
void the resolution passed at the Annual Shareholders' Meeting.
Under the settlement agreement, GPC Biotech agreed to publish on its
website answers to certain questions related to the merger and pay
the claimants' legal fees and court costs. The claimants have agreed
to withdraw the lawsuits and will make no further claims related to
the shareholder meeting which approved the merger.

About GPC Biotech
GPC Biotech AG is a publicly traded biopharmaceutical company focused
on developing anti-cancer drugs. The Company currently has two
programs in clinical development: satraplatin, an oral platinum
compound, and RGB-286638, a multi-targeted protein kinase inhibitor.
The Company's shareholders have approved a merger agreement pursuant
to which the Company will combine its business with Agennix
Incorporated, a privately held biotechnology company located in
Houston, Texas. Agennix is developing oral talactoferrin, a product
candidate that is currently in Phase 3 trials for non-small cell lung
cancer. GPC Biotech AG is headquartered in Martinsried/Munich
(Germany) and has a wholly owned U.S. subsidiary in Princeton, New
Jersey. For additional information, please visit GPC Biotech's Web
site at www.gpc-biotech.com.

This press release contains forward-looking statements, which express
the current beliefs and expectations of the management of GPC
Biotech, in particular about the planned merger and the timing of its
completion. Such statements are based on current expectations and
are subject to risks and uncertainties, many of which are beyond our
control, that could cause future results, performance or achievements
to differ significantly from the results, performance or achievements
expressed or implied by such forward-looking statements. Actual
results could differ materially depending on a number of factors, and
we caution investors not to place undue reliance on the
forward-looking statements contained in this press release. There can
be no guarantee that the merger will be completed in a timely manner,
if at all. Forward-looking statements speak only as of the date on
which they are made and GPC Biotech undertakes no obligation to
update these forward-looking statements, even if new information
becomes available in the future.




For further information, please contact:


GPC Biotech AG
Investor Relations & Corporate Communications
Phone: +49 (0)89 8565-2693
ir@gpc-biotech.com

In the U.S.: Laurie Doyle
Director, Investor Relations & Corporate Communications
Phone: +1 609-524-5884
usinvestors@gpc-biotech.com

Additional media contacts for Europe:
MC Services AG
Phone: +49 (0) 89 210 228 0

Raimund Gabriel
raimund.gabriel@mc-services.eu

Hilda Juhasz
hilda.juhasz@mc-services.eu

Additional investor contact for Europe:
Trout International LLC
Lauren (Rigg) Williams, Vice President
Phone: +44 207 936 9325
lrigg@troutgroup.com



--- End of Message ---

GPC Biotech AG
Fraunhoferstr. 20 Martinsried Germany

WKN: 585150;
ISIN: DE0005851505; Index: CDAX, Prime All Share, TECH All Share,
DAX;
Listed: Prime Standard in Frankfurter Wertpapierbörse, Freiverkehr in
Börse Berlin,
Freiverkehr in Bayerische Börse München, Freiverkehr in Börse
Düsseldorf,
Freiverkehr in Börse Stuttgart, Freiverkehr in Hanseatische
Wertpapierbörse zu Hamburg,
Freiverkehr in Niedersächsische Börse zu Hannover, Regulierter Markt
in Frankfurter Wertpapierbörse;
Copyright © Hugin AS 2009. All rights reserved.



 
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