Celgene pulls out of GPC prostate cancer drug deal

LOS ANGELES, Aug 6 (Reuters) - GPC Biotech AG (GPCG.DE) said on Wednesday that Celgene Corp (CELG.O) has terminated its co-development and license agreement for GPC's experimental prostate cancer drug satraplatin.

Rights to the drug in Europe, Turkey, the Middle East, Australia and New Zealand will be returned to GPC Biotech.

The company said last month it had withdrawn the European marketing application for satraplatin after regulators indicated it was not approvable based on the information provided.

GPC said last October the drug had failed a late-stage clinical trial and it would no longer seek U.S. regulatory approval. (Reporting by Deena Beasley, Editing by Andre Grenon)