£65m funding raised by leading pharma company Archimedes

A team of private equity, employment and tax lawyers from Taylor Wessing has advised the management of the speciality pharma company, Archimedes Pharma, on its successful £65 million round of new funding. This deal is believed to be Europe’s biggest single fund raising round for a bio-pharma company in 15 years.

The round was led by new investor Novo Growth Equity, the growth equity fund of Novo A/S of Denmark. This is reported to be the fund's first investment since it was established in early 2009. US private equity firm Warburg Pincus, already a major investor in Archimedes, also participated. 

Archimedes, which develops and manufactures innovative pain relief for cancer patients, will use the funds to establish its US operations and to support the growth of its already successful speciality pharma business in Europe.

The Taylor Wessing team was led by employment partner Andrew Granger, private equity partner Nick Hazell and tax partner Robert Young. Taylor Wessing were selected as advisers by Archimedes on the recommendation of a client of Andrew Granger’s and after a competitive pitch. 

On the successful completion of the deal, private equity partner Nick Hazell commented:

"This was an exciting and complex deal for the Taylor Wessing team. The successful outcome proves that investors are still keen to put their money into promising ventures, notwithstanding the low returns as a whole in this sector over the last few years. Since being founded in 2004, Archimedes has become a market leader in developing innovative pain relief products. We have no doubt that their achievements will continue."

Employment partner Andrew Granger adds:

“The investment is a big vote of confidence in the current management team, all of whom were a pleasure to work with and showed enormous energy, ability and resolve in their drive towards placing the company on a reinvigorated financial footing for the future – a future that looks bright.”

Clifford Chance advised Warburg Pincus and Latham & Watkins advised Novo A/S.


Ends

Notes to editors

For more information please contact Helen Needham at Taylor Wessing:

Tel:  +44 (0)20 7300 4156
Email:  h.needham@taylorwessing.com

Taylor Wessing LLP is a leading law firm providing support for commercial organisations doing business in Europe, the Middle East and China.

www.taylorwessing.com

The full Taylor Wessing team included:

Andrew Granger, partner, employment
Nick Hazell, partner, private equity
Rob Young, partner, tax and incentives
Jon Blackburn, senior associate, private equity
Timothy Davidson, associate, private equity
James Brownlee, trainee, employment

Lawyers Andrew Granger, Nicholas Hazell, Robert Young, Jon Blackburn, Timothy Davidson