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Novo Growth Equity leads GBP65m investment in Archimedes

Archimedes Pharma has raised GBP65m in a funding round led by new investor Novo Growth Equity, the growth equity fund of Novo A/S of Denmark.

This deal is believed to be Europe’s biggest single fund raising round for a bio-pharma company in 15 years.
It is also 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 pain relief for cancer patients, will use the funds to establish its US operations and to support the growth of its speciality pharma business in Europe.
A team of private equity, employment and tax lawyers from Taylor Wessing advised Archimedes Pharma on the deal. The team was led by employment partner Andrew Granger, private equity partner Nick Hazell and tax partner Robert Young.
Hazell says: "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."
Clifford Chance advised Warburg Pincus and Latham & Watkins advised Novo A/S.

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