FRANKFURT, July 28 (Reuters) - Dietmar Hopp, one of the five founders of SAP (SAPG.DE) and the largest biotech investor in Germany, increased his stake in GPC Biotech GPCG.DE last week, weekly magazine Der Spiegel reported on Saturday.
Despite a setback for its key prostrate cancer drug satraplatin that sent GPC shares plummeting after the U.S. FDA first raised its doubts on July 20, Hopp raised his holding to 14.5 percent from a previous 10.13 percent and now controls almost 5.26 million shares along with his son, it wrote.
“The FDA reaction was completely overrated,” Hopp told the magazine.
“It isn’t a death sentence for satraplatin, only a delay.”
Hopp said he would be prepared to inject further cash into the group if it needed another capital increase.
The share fell to 8 euros from 23 euros within a week as an FDA advisory panel said U.S. regulators should wait for final survival data before deciding whether to approve satraplatin, a move that would delay a market entry of the drug by at least a year.