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Archimedes announce fundraising of £65m

Archimedes Pharma has announced £65m in new funding following a major investment from Novo Growth Equity, the growth equity fund of Novo A/S

Archimedes Pharma has announced £65m (around $100m) in new funding following a major investment from Novo Growth Equity, the growth equity fund of Novo A/S, part of the Novo Nordisk Foundation.

The investment is the largest amount of funding raised by a private European biopharmaceutical company in the last 15 years, and becomes Novo Growth Equity's first investment since it was established at the beginning of 2009. The funding round also included participation from Warburg Pincus, a global private equity firm

Archimedes, a speciality pharmaceutical company focused on the oncology, pain, neurology and critical care sectors, has said it will use the funds to establish the company in the US as well as support growth in Europe.

The funding will also go to supporting the global commercial launch of PecFent (previously known as NasalFent) an innovative fentanyl nasal spray for the treatment of breakthrough cancer pain.

PecFent has undergone several successful phase III trials and has been filed for approval in Europe and the US. Archimedes has said they expect the treatment to be approved for commercial sale in both regions during 2010.

Ulrik Spork, managing partner of Novo Growth Equity, said: "Archimedes represents an ideal investment opportunity for us and supports our strategy to take major stakes in promising late stage life sciences companies with near-term commercial potential."

Along with the funding, Archimedes has announced the appointment of new president and CEO, Jeffrey H. Buchalter, formerly president and CEO of Enzon, a US-based speciality biopharmaceutical company.

Jeffrey H Buchalter has over 20 years experience in the pharmaceutical industry, serving as president and CEO of ILEX Oncology before his time at Enzon, as well as holding roles at Pharmacis, Wyeth and Schering-Plough.

Speaking of his appointment, Buchalter commented: "Archimedes is at a transformational stage in its development. I am delighted to join as president and CEO to accelerate the expansion of Archimedes' business in Europe, support the commercialisation of PecFent, and build the operations in the US market."

The board of Archimedes will now include Simon Turton and Piyush Shukla of Warburg Pincus; Ulrik Spork and Göran Ando of Novo A/S; and Jeffrey H Buchalter.

 

2nd March 2010

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