Archimedes is a fast growing European speciality pharmaceutical company that provides 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 cancer pain in patients who are already receiving maintenance opioid therapy for chronic cancer pain.
Archimedes also has a diversified portfolio of promoted and non-promoted pharmaceutical products. It has a strong European footprint with operations in the UK, France, Germany and Spain. It is based in Reading, UK with a development facility in Nottingham. 2013 revenue increased by 33 per cent to £41 million.
International law firm Wragge Lawrence Graham & Co advised ProStrakan on the acquisition. Its specialist Life Sciences team was led by partner Patrick Duxbury and M&A partner Ian Piggin with partner Bernardine Adkins advising on antitrust aspects. Law firm Latham & Watkins and investment bank Moelis & Company acted for Novo A/S.Investment bank Lazard also acted for ProStrakan.
The acquisition was exchanged by KHK and ProStrakan and its advisers within ten days.
Ian Piggin said: “This is an important deal which will help to drive growth for ProStrakan. Competition to buy Archimedes was intense and to exchange the deal within ten days was a major achievement for our team as well the other advisers and ProStrakan’s management.”
The deal is the latest for Wragge Lawrence Graham & Co’s Life Sciences team, which specialises in advising some of the world’s leading pharmaceutical companies on structuring and executing M&A transactions, licensing and collaboration deals, fundraisings and advising on regulatory issues. The team’s clients also include AstraZeneca and GlaxoSmithKline.
The acquisition of Archimedes furthers KHK’s strategic vision of becoming a global speciality pharmaceutical company. It also delivers strategic benefits to ProStrakan by expanding its critical mass in Europe; specifically in four of Europe’s largest markets – the UK, France, Germany and Spain.
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 2013, ProStrakan generated revenue of £155 million, growing 20 per cent on the previous year. Archimedes brings a strong product portfolio of high growth brands which expands ProStrakan’s offering in the core therapeutic areas of oncology and oncology supportive care. These brands are expected to be a key driver of growth for ProStrakan over the next several years.
