Exhibit 99.1

                 ACQUISITION OF GARDANT BY SWITCH PHARMA CLOSES

New York and London, 4th January, 2007 Gardant Pharmaceuticals, Inc (OTCPK :
GRDP) today announced that the previously announced acquisition of Gardant by
Switch Pharma Limited has now closed.

The transaction is structured as a merger of Gardant with a wholly-owned
subsidiary of Switch Pharma, with Gardant being the surviving company and
becoming a wholly-owned subsidiary of Switch Pharma as a result of the merger.
Shareholders of Gardant will receive approximately one common share of Switch
Pharma for each share of Gardant owned immediately prior to the merger. Pursuant
to the merger agreement, shareholders of the Company are to receive additional
shares of Switch Pharma as consideration in proportion to the extent that the
common shares of Switch Pharma trade at less than $1.03 at the commencement of
listing of Switch Pharma shares for public trading in London. The reference
price was originally set at $1.38 per share of Switch Pharma but has been
reduced to $1.03 by agreement.

Shareholders of Gardant are expected to receive their shares in Switch Pharma in
approximately the next 10 days. Switch Pharma has undertaken to list its shares
for trading in London as soon as practicable.

About Gardant Pharmaceuticals, Inc.

Gardant Pharmaceuticals, Inc., after spinning-off certain subsidiaries, is
focused on developing a portfolio of compounds which have an emphasis on
treating cancer. The Company is focused on developing and commercializing novel
pharmaceutical compounds in an efficient, cost-effective way. Gardant seeks to
use its academic, industry and capital market relationships to expedite drug
development and raise capital to create and fund compounds. Gardant's strategy
relies on its development network for research, clinical development and project
management to guide early-stage compounds from the discovery process through to
Phase II/III development where incremental value can be created.

Gardant Pharmaceuticals, Inc. Safe Harbor Statement

Certain statements contained herein are "forward-looking" statements (as such
term is defined in the Private Securities Litigation Reform Act of 1995).
Because these statements include risks and uncertainties, actual results may
differ materially from those expressed or implied by such forward-looking
statements. Specifically, factors that could cause actual results to differ
materially from those expressed or implied by such forward-looking statements
include, but are not limited to: the ability of Gardant to finance its
activities on commercially acceptable terms, in timely fashion, or at all; risks
associated with pre-clinical and clinical developments in the biopharmaceutical
industry in general and in Gardant's compounds under development in particular;
the potential failure of Gardant's compounds under development to prove safe and
effective for treatment of disease; uncertainties inherent in the early stage of
Gardant's compounds under development; failure to successfully implement or
complete clinical trials; failure to receive marketing clearance from regulatory
agencies for our compounds under development; acquisitions, divestitures,
mergers, licenses or strategic initiatives that change Gardant's business,
structure or projections; the development of competing products; uncertainties
related to Gardant's dependence on third parties and partners; and those risks
described in the filings with the SEC. Gardant disclaims any obligation to
update these forward-looking statements.

Contact:
          Gardant Pharmaceuticals, Inc.
          Charlotte Ramelli
          (212) 897-6849