ProStrakan Group, a subsidiary of global specialty pharmaceutical company Kyowa Hakko Kirin (KHK), has entered into an agreement with Novo, a private limited liability company fully owned by the Novo Nordisk Foundation, to purchase the entire share capital of Archimedes Pharma for $394 million in cash.

Archimedes is a fast-growing European-based specialty pharmaceutical company providing novel and advanced treatments for pain, oncology and critical care. Its largest product is PecFent, a fentanyl nasal spray used in the management of breakthrough cancer pain in patients who already are receiving maintenance opioid therapy for chronic cancer pain. The product was developed using Archimedes' proprietary drug delivery technology platform, which is protected by several patents.

Archimedes also has a diversified product portfolio of both promoted and non-promoted pharmaceutical products marketed to healthcare professionals across Europe. It has commercial operations in the U.K., France, Germany and Spain. Archimedes is based in Reading, U.K., and has a development facility in Nottingham, U.K. In 2013, Archimedes recorded revenues of $70.2 million, growing 33% from the previous year.

Dr. Tom Stratford, CEO of ProStrakan, 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.”