Archimedes Pharma Raises $97 Million

LONDON (Reuters) – British specialty drugmaker Archimedes Pharma said on Tuesday it had raised 65 million pounds ($97 million) in the largest funding round by a private European biopharma company in the last 15 years.

The money will be used to establish Archimedes’ operations in the United State, expand its business in Europe and support the global launch of its novel nasal spray for cancer pain PecFent.

PecFent has been filed for approval in Europe and the United States and Archimedes is expecting approved during 2010.

The new funding round was led by Novo A/S, the majority shareholder in Danish drugmaker Novo Nordisk (NOVOb.CO), and the company’s major current backer, private equity firm Warburg Pincus [WP.UL].

A person familiar with the matter told Reuters last May Warburg Pincus had been seeking a buyer for Archimedes Pharma. [ID:nL137515]

Archimedes also announced the appointment of Jeffrey Buchalter as chief executive. Buchalter was formerly president and CEO of U.S.-based Enzon (ENZN.O). (Reporting by Ben Hirschler; Editing by David Holmes) ($1=.6713 Pound)