Even if one removes the poor management from the equation, it amazes me that anyone would invest in yet another immediate-release fentanyl in a contracting market that is contracting even further with a god-awful REMS. The primary issue with the TIRF REMS is that most prescribers have other, cheaper options (short-acting opioids like IR oxycodone). Although the TIRFs all operate on a level playing field, the market does not. Add payer resistance to yet another unnecessary branded product, and it's tough to see how they can make it. Prostrakan threw in the towel and gave Abstral back to Orexo for US marketing. I can see looking at this market through rose-colored glasses 2-3 years ago, but now? Amazing.
Archimedes ?
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You know what the real irony of the Orexo / Abstral move is??..........Novo owns 24% of Orexo. That is the second of their 3 large investments. They have a LARGE stake in three companies through their Novo Growth Equity arm - Aerocrine, Archimedes adn Orexo. Looks like strike #2 for the Novo board 
http://www.orexo.com/en/Investor-Relations/Press-releases/?guid=590813
http://www.orexo.com/en/Investor-Relations/Press-releases/?guid=590813
Someone needs to describe to Novo the concept of diversification! A boardroom conversation:
Board Member 1: "IR fentanyl market is small and getting smaller ever since FDA squashed Cephalon's off-label promotion. Several new market entrants on the horizon. FDA is thinking about imposing a REMS from hell."
Board Member 2: "That only leads me to one conclusion. We need more shots on goal. Let's invest in not one, but TWO, companies that have an IR fentanyl. That way, if one fails, we win on the other."
Board Member 1: "Incisive logic. Let's also invest in lawn furniture. Summer is coming."
Board Member 2: "Brilliant. And in October we'll invest in snow shovels!"
Board Member 1: "It's marvellous being rich and intelligent. I really should renew my MENSA membership."
Board Member 1: "IR fentanyl market is small and getting smaller ever since FDA squashed Cephalon's off-label promotion. Several new market entrants on the horizon. FDA is thinking about imposing a REMS from hell."
Board Member 2: "That only leads me to one conclusion. We need more shots on goal. Let's invest in not one, but TWO, companies that have an IR fentanyl. That way, if one fails, we win on the other."
Board Member 1: "Incisive logic. Let's also invest in lawn furniture. Summer is coming."
Board Member 2: "Brilliant. And in October we'll invest in snow shovels!"
Board Member 1: "It's marvellous being rich and intelligent. I really should renew my MENSA membership."
Get out asap . the light at the end of the tunnel is about to go out!
Old buddies? I think you're giving him too much credit. JB doesn't do buddies, he does money.
As the Novo Growth Equity team came together in the middle of
2009, one of the first companies that caught our attention was
UK based, specialty pharma company Archimedes Pharma Limited.
Founded in 2004 by a team that had worked together at Shire, the
company had acquired and successfully integrated both a technology
platform and a sales and marketing company in the UK. Archimedes
had initiated and completed its clinical development program, and
was in the final process of filing for approval two products with significant
commercial potential. The capital required for Archimedes
to subsequently launch its recently developed products was the opportunity
for Novo to become a major, active stakeholder.Novo Growth Equity finds that this investment has extraordinary prospects and an excellent fit with the key investment criteria for the new Novo Growth Equity initiative in terms of stage, geography,
investment size and risk profile.
This transaction represents one of the largest financings ever made
into a European private biotech company with the raising of GBP
65 million (USD 107 million). GBP 40 million of the financing was
provided by Novo, who through its ownership stake will share equally
in the control of the company with Warburg Pincus. Warburg Pincus
provided the residual amount of the round and retains slightly more
than 50% of the financial interest in Archimedes.
“We are pleased to have Novo join us in such a significant way in
Archimedes and to take co-responsibility for unlocking the tremendous
potential that we see in the company. The dedicated effort,
insight and commitment we have seen from the Novo Growth Equity
team throughout the investment process bodes well for our future
partnership around Archimedes,” said Simon Turton, Managing
Director of Warburg Pincus.
The incoming President & CEO Jeffrey H. Buchalter was previously
CEO of Enzon Pharmaceuticals Inc and ILEX Oncology Inc and joins
Archimedes to spearhead the major expansion of the company’s commercial
operations required to take the fentanyl nasal spray product
to the USA market: “Archimedes is well positioned to leverage their
proprietary nasal delivery technology to improve existing therapeutics.
The Company’s European presence coupled with the creation
of a fully integrated USA market company represents a unique opportunity
for a medium sized EU based specialty pharma company
to commercialise its pipeline and bring benefit to patients in both
Europe and the USA. This new financing will be truly transformational
to Archimedes, and will provide the capital needed to achieve these
commercial milestones.”
2009, one of the first companies that caught our attention was
UK based, specialty pharma company Archimedes Pharma Limited.
Founded in 2004 by a team that had worked together at Shire, the
company had acquired and successfully integrated both a technology
platform and a sales and marketing company in the UK. Archimedes
had initiated and completed its clinical development program, and
was in the final process of filing for approval two products with significant
commercial potential. The capital required for Archimedes
to subsequently launch its recently developed products was the opportunity
for Novo to become a major, active stakeholder.Novo Growth Equity finds that this investment has extraordinary prospects and an excellent fit with the key investment criteria for the new Novo Growth Equity initiative in terms of stage, geography,
investment size and risk profile.
This transaction represents one of the largest financings ever made
into a European private biotech company with the raising of GBP
65 million (USD 107 million). GBP 40 million of the financing was
provided by Novo, who through its ownership stake will share equally
in the control of the company with Warburg Pincus. Warburg Pincus
provided the residual amount of the round and retains slightly more
than 50% of the financial interest in Archimedes.
“We are pleased to have Novo join us in such a significant way in
Archimedes and to take co-responsibility for unlocking the tremendous
potential that we see in the company. The dedicated effort,
insight and commitment we have seen from the Novo Growth Equity
team throughout the investment process bodes well for our future
partnership around Archimedes,” said Simon Turton, Managing
Director of Warburg Pincus.
The incoming President & CEO Jeffrey H. Buchalter was previously
CEO of Enzon Pharmaceuticals Inc and ILEX Oncology Inc and joins
Archimedes to spearhead the major expansion of the company’s commercial
operations required to take the fentanyl nasal spray product
to the USA market: “Archimedes is well positioned to leverage their
proprietary nasal delivery technology to improve existing therapeutics.
The Company’s European presence coupled with the creation
of a fully integrated USA market company represents a unique opportunity
for a medium sized EU based specialty pharma company
to commercialise its pipeline and bring benefit to patients in both
Europe and the USA. This new financing will be truly transformational
to Archimedes, and will provide the capital needed to achieve these
commercial milestones.”
You're funny! This made me laugh but its sad because I'm sure you're not far off. Has anyone found jobs yet?
Heard most of the Reps in NE and Mid Atlantic found jobs. Must have been looking for awhile. Heard someone from South landed with Novo. Good luck to all!
“We are pleased to have Novo join us in such a significant way in
Archimedes and to take co-responsibility for unlocking the tremendous
potential that we see in the company. The dedicated effort,
insight and commitment we have seen from the Novo Growth Equity
team throughout the investment process bodes well for our future
partnership around Archimedes,” said Simon Turton, Managing
Director of Warburg Pincus
Turton is no longer at W-P and hasn't been for some time.
Archimedes and to take co-responsibility for unlocking the tremendous
potential that we see in the company. The dedicated effort,
insight and commitment we have seen from the Novo Growth Equity
team throughout the investment process bodes well for our future
partnership around Archimedes,” said Simon Turton, Managing
Director of Warburg Pincus
Turton is no longer at W-P and hasn't been for some time.
The quote is from an old Novo piece of propaganda from the web. I posted it because i thought it was amusing, in hindsight. Maybe Archimedes performance and Turton's status are correlated!
Hard to believe this company isn't doing better with a heavy hitter like Bob DeLuca as chief commercial officer, I just figured the company was destined for greatness.
Well, lots of redundancies in Europe too, everyone else looking unless they're stuck down a career cul de sac because they made some bad choices, or pretending otherwise. I got out, hope all the people in the US who got displaced are OK. Our jobs market is pretty bad. Wonder how much longer Novo will play charades? Good luck all.
The problem is too big for DeLuca. Crowded market, payer apathy, tough REMS, and some really dumb sycophantic colleagues on the executive leadership team.
What is happening to you guys over the pond?
You guys have better managers , does Bucky the pirate affect the European morale or is your VP sales and General Manager "bucking" the trend??
You guys have better managers , does Bucky the pirate affect the European morale or is your VP sales and General Manager "bucking" the trend??
It took quite a while to see the light of day, but it did get better over here. Good luck and lets hope Novo has the patience.
Patience with what? The European market, or Bucky? I assume the former!
This thread appears to be dying the same slow death that Archimedes US is experiencing.....tick....tock....tick....tock..........tick.............tock...................tick...................tock________________________________________________________________________
I've heard the same as others have mentioned on this board: that most of the US-based personnel have been laid off and it's a skeleton crew, though I don't know how many are still left. Have to admire Bucky for going down with the ship. Brave. Someone should make a movie about him called The Titanic. Whoops. That's already been done. At Enzon!