Archimedes Pharma was celebrating this week after raising a whopping £65 million in the biggest round of funding by a private European biopharma group in the last 15 years.

The funds are being put up by new investor Novo Growth Equity as well as current backer Warburg Pincus, in order to help the group establish operations in the US and expand is business in Europe as well as support the global launch of its fentanyl cancer pain spray PecFent.

In addition, the private speciality drugmaker said it has hired a new chief executive Jeffrey Buchalter, ex-head of US group Enzon and pharma veteran with more than 20 years’ experience in the industry, to take charge of operations and steer the firm through a successful launch of PecFent, which has been filed with regulators on both sides of the Pond and could be approved sometime this year.

“This major injection of funding and the appointment of Jeff as the new president and CEO mark the beginning of a new phase in Archimedes' growth plans,” said Simon Turton, managing director of private equity group Warburg Pincus.

And commenting on its interest in Archimedes, Ulrik Spork, Managing Partner of Novo Growth Equity, said the group was “impressed with the successful track record of Archimedes over the last five years, and are very pleased to contribute to the further transformation of the Company with the launch of PecFent”.