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news.UK-based ProStrakan, a subsidiary of Japanese firm Kyowa Hakko Kirin, has entered into an agreement with Denmark-based Novo to acquire the entire share capital of Archimedes Pharma for a consideration of GBP230m in cash.
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Archimedes Pharma is a UK-based pharmaceutical firm that provides treatments within the therapeutic areas of pain, oncology and critical care.
PecFent, Archimedes’ fentanyl nasal spray, is used in the management of cancer pain in patients who are already receiving maintenance opioid therapy for chronic cancer pain.
The company also has a product portfolio of both promoted and non-promoted pharmaceutical products marketed across Europe.
According to ProStrakan, the acquisition of Archimedes promotes Kyowa Hakko Kirin’s strategic vision of becoming a global specialty pharmaceutical company.
The acquisition will expand ProStrakan’s critical mass in Europe by growing its businesses in the UK, France, Germany and Spain.
Archimedes has sales and marketing infrastructure that will complement ProStrakan’s current operations in these countries.
ProStrakan CEO Dr Tom Stratford 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."
In the transaction, Lazard is acting as exclusive financial advisor and Wragge Lawrence Graham as legal counsel to ProStrakan and Kyowa Hakko Kirin.