ProStrakan, a subsidiary of Kyowa Hakko Kirin, has announced that it will acquire PecFent fentanyl nasal spray manufacturer Archimedes Pharma for £230 million in cash. Archimedes, which is based in Reading, UK, received European marketing approval for PecFent in 2011. Archimedes sold its US business and the US version of PecFent, marketed as Lazanda, to Depomed in July 2013.
The company said that the acquisition “furthers KHK’s strategic vision of becoming a global specialty pharmaceutical company” in part by expanding in the UK, France, Germany, and Spain, where Archimedes has established sales and marketing operations. PecFent is marketed for the treatment of breakthrough pain in cancer patients, and ProStrakan anticipates that its oncology and oncology-related drug business will “be a key driver of growth.”
ProStrakan CEO Tom Stratford commented, “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.”
Read the ProStrakan press release.
