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news.ProStrakan Group (ProStrakan), a subsidiary of global specialty pharmaceutical company, Kyowa Hakko Kirin (KHK), has completed the acquisition of Archimedes Pharma Limited (Archimedes) from Novo, following receipt of anti-trust approvals in Germany upon which completion of the transaction was conditional.
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ProStrakan has now purchased the entire share capital of Archimedes for a consideration of £230 million in cash.
Archimedes is a fast growing European-based specialty pharmaceutical company providing novel and advanced treatments within the therapeutic areas of pain, oncology and critical care. 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 for chronic cancer pain.
Archimedes also has a diversified product portfolio of both promoted and non-promoted pharmaceutical products marketed to healthcare professionals across Europe which will expands ProStrakan’s offering in the core therapeutic areas of oncology and oncology supportive care.
The transaction significantly expands ProStrakan’s critical mass in Europe by growing its businesses in four of the largest European markets: UK, France, Germany and Spain. In each of these countries Archimedes has sales and marketing infrastructure which will complement ProStrakan’s current operations.
In 2013, Archimedes recorded revenues of £41 million, growing 33% from the previous year. In the same calendar year, ProStrakan generated revenues of £155 million, growing 20% from the previous year.
Dr Tom Stratford, Chief Executive Officer of ProStrakan, said: "Completing this acquisition is an important step in our strategy to expand our presence in Europe and I am confident that together we can further accelerate the success of our European operations."