ProStrakan to acquire Archimedes Pharma

ProStrakan has announced the acquisition of Archimedes Pharma, a fast growing pharmaceutical company specialising in pain, oncology and critical care therapies.

The agreement with Novo A/S – a private limited liability company fully owned by the Novo Nordisk Foundation – will see ProStrakan purchase the entire share capital of Archimedes Pharma Limited for a consideration of 230 million pounds in cash.

Archimedes is based in Reading and operates a development facility in Nottingham, as well as possessing commercial operations spanning the UK, France, Germany and Spain. It recorded revenues of 41 million pounds in 2013, up by 33 percent year on year.

Its largest product is PecFent, a fentanyl nasal spray used in the management of breakthrough cancer pain in patients who are already receiving maintenance opioid therapy.

Dr Tom Stratford, chief executive officer of ProStrakan, said: "The acquisition of Archimedes represents a rare opportunity to enhance the scale of our successful European operations by adding a strong portfolio of high-value medicines, as well as further strengthening our teams in major European markets."

Based in Galashiels, ProStrakan employs more than 300 people worldwide and has seen continued growth since its acquisition by Kyowa Hakko Kirin in 2011.