ProStrakan Acquires Archimedes for £230 Million
ProStrakan, which is owned by Japan’s Kyowa Hakko Kirin, has announced that they will be acquiring UK cancer pain specialist, Archimedes Pharma, for £230 million in cash.
ProStrakan, which is based in Scotland, is purchasing Reading-based Archimedes from Denmark’s Novo Nordisk Foundation.
Archimedes posted sales revenues of £41 million last year, an increase of 33%. ProStrakan, in comparison, confirmed a revenue increase of 20% to £155 million in 2013.
ProStrakan noted that the deal will expand their critical mass in four of the largest European markets: the UK; France; Germany; and Spain. ProStrakan also commented that the transaction brings a strong product portfolio of high-growth brands in oncology and supportive care, including Archimedes’ PecFent, a fentanyl nasal spray for chronic cancer pain.
Tom Stratford, ProStrakan’s chief executive, commented that the acquisition “represents a rare opportunity to enhance the scale of our successful European operations,” adding that since joining KHK three years ago, ProStrakan “has grown from strength to strength, culminating in the delivery of a positive profit contribution for the KHK group in 2013.”
The closing of the purchase is subject to antitrust approvals in Germany.