CMA clears takeover of Archimedes Pharma
The £230m acquisition of a Reading-headquartered business which is developing treatments for cancer pain has been cleared by the Competition and Markets Authority (CMA).
Archimedes Pharma was bought by ProStrakan, a subsidiary of global pharmaceutical company Kyowa Hakko Kirin (KHK), in July.
The group, which has a development facility in Nottingham, provides novel and advanced treatments within the therapeutic areas of 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 are already receiving maintenance opioid therapy for chronic cancer pain.
Archimedes recorded revenue of £41m in 2013, a 33 per cent increase from the previous year.
The CMA, which said in September it would investigate the deal, has decided a relevant merger situation, under the provisions of the Enterprise Act 2002, has not been created.
Dr Tom Stratford, chief executive of ProStrakan, previously said that 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".