Warburg Pincus seeks buyer for Archimedes Pharma

Global private equity house Warburg Pincus is reportedly seeking a buyer for UK-based Archimedes Pharma, a developer of pain relievers for cancer sufferers.

Warburg has been said to be looking for trade buyers in Europe and the US, primarily in the pharmaceutical sector.

The British pharamaceutical company, which operates from offices in Britain, France, Germany and Ireland, had sales of only £20.4m in 2008. The business is aiming to launch a nasal spray to treat cancer pain next year, which Archimedes expects will generate annual sales of $500m or more.

Warburg has invested more than $65m in Archimedes since 2005 and also owns eyecare company Bausch & Lomb.

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