Kyowa Hakko Kirin subsidiary ProStrakan has entered into an agreement with Denmark-based Novo to acquire the entire share capital of Archimedes Pharma for a consideration of £230m in cash.

Archimedes Pharma is a UK-based pharmaceutical company that provides treatments within the therapeutic areas of pain, oncology and critical care.

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The company’s fentanyl nasal spray, PecFent, is used in the management of cancer pain in patients who are already receiving maintenance opioid therapy for chronic cancer pain.

It also has a diversified product portfolio of both promoted and non-promoted pharmaceutical products marketed across Europe.

"ProStrakan stated that the acquisition of Archimedes Pharma promotes Kyowa Hakko Kirin’s goal of becoming a global specialty pharmaceutical company."

ProStrakan stated that the acquisition of Archimedes Pharma promotes Kyowa Hakko Kirin’s goal of becoming a global specialty pharmaceutical company.

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According to ProStrakan, Archimedes Pharma’s acquisition will expand its critical mass in Europe by growing its businesses in the UK, France, Germany and Spain. Archimedes Pharma has sales and marketing infrastructure that will complement ProStrakan’s current operations in these countries.

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Archimedes Pharma product portfolio consists of high growth brands, which expands ProStrakan’s offering in the 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.

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."

Closing of the transaction is subject to anti-trust approvals in Germany. In this transaction, Lazard is acting as exclusive financial advisor and Wragge Lawrence Graham as legal counsel to ProStrakan and Kyowa Hakko Kirin.