We welcome you to JobBank USA and hope your job hunting experience
is a pleasant one. We hope you find our resources useful.
May 3, 2007
GPC Biotech AG said Thursday it will close its Waltham, Mass.-facility and lay off 16 percent of its work force.
The company said all of its drug discovery programs will now be managed at its headquarters in Munich, Germany, and that it would continue to build clinical development and commercialization groups in Princeton, N.J. GPC cited several factors in making the consolidation decision.
In 2005, the company bought Axxima Pharmaceuticals and hired its research scientists. It also ended a collaboration with German-based Altana AG's Altana Pharma unit in Waltham this year. Altana sold its 7.1 percent stake in GPC Biotech for $46.2 million in September.
"While we believe this action makes sense for the company strategically, it was not a decision we made lightly as it has necessitated the closing of our Waltham site," chief executive Dr. Bernd R. Seizinger said.
Laid off employees will be eligible for severance packages including severance pay, continuation of benefits and outplacement services, GPC Biotech said.
Shares of GPC Biotech fell 97 cents, or 3.2 percent, to $28.95 in midday trading. The stock has traded between $13.15 and $33.04 over the last 52 weeks.
Email This Page!