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AMAG Pharmaceuticals, Inc., established on November 9, 1981, and headquartered in Waltham, MA, is a dedicated biopharmaceutical company focusing on the manufacture, development, and commercialization of therapeutic iron treatments aimed at combating iron deficiency anemia. One of its flagship products, Feraheme, is an intravenous injection specifically designed to treat this condition, showcasing AMAG's commitment to addressing critical human health issues through innovative solutions.
AMAG's diverse product portfolio extends beyond Feraheme and includes Intrarosa, Vyleesi, Makena, CBR, and MuGard, each derived from the company's proprietary technology. These products cater to various medical needs, underscoring AMAG's versatile approach in the biopharma landscape.
In recent news, AMAG has been involved in strategic acquisitions, such as the purchase of Perosphere Pharmaceuticals, Inc., which emphasizes the company's ongoing efforts to expand its therapeutic offerings and enhance patient care. AMAG’s notable acquisitions and collaborations exemplify its growth strategy and commitment to innovation.
AMAG's recent collaboration with Landsdowne Labs highlights its forward-thinking approach. Bryan Laulicht, previously serving as Landsdowne's Chief Technology Officer, was appointed CEO to spearhead the commercialization of their proprietary button battery safety technology. This groundbreaking technology aims to reduce the risk of severe injury or death from accidental ingestion of coin-sized batteries, reflecting AMAG's broader commitment to advancing medical safety through innovative partnerships.
With a robust financial foundation, a diversified product lineup, and a strategic vision for future growth, AMAG Pharmaceuticals continues to play a significant role in the biopharmaceutical industry. The company's focus on pioneering treatments for iron deficiency anemia and other critical health issues positions it as a leader in the field, dedicated to improving patient outcomes globally.
Sensorion (Euronext Paris: ALSEN) has appointed Scott D. Myers as Chairman of its Board of Directors, succeeding Edwin Moses who is stepping down on
AMAG Pharmaceuticals has submitted a response to the FDA's Notice of Opportunity for a Hearing regarding the proposed withdrawal of approval for Makena, the only FDA-approved treatment to reduce preterm birth. This response emphasizes the treatment's clinical effectiveness, especially among minority populations, and the public health implications of its potential withdrawal. AMAG, alongside its new owner Covis Pharma, is committed to conducting further studies to maintain Makena's availability and effectiveness in addressing preterm birth risks, particularly for high-risk groups.
On November 16, 2020, Covis Group completed its acquisition of AMAG Pharmaceuticals for $13.75 per share, transitioning AMAG into an indirect wholly owned subsidiary of Covis. This strategic move aims to enhance Covis' portfolio in women's health and hematology/oncology, enabling the company to expand its therapeutic solutions. CEO Michael Porter highlighted the acquisition as a milestone for Covis, emphasizing the importance of AMAG’s products like Feraheme®, Makena®, and Ciraparantag. The merger positions Covis to support patients more effectively with its expanded offerings.
Covis Group has announced a cash tender offer for AMAG Pharmaceuticals, valuing the company at $13.75 per share, totaling approximately $647 million. This offer represents a 46% premium over AMAG's closing price on September 30, 2020. The tender offer is set to expire on November 12, 2020, and is contingent upon the tendering of at least a majority of AMAG's outstanding shares. If successful, AMAG will become a wholly owned subsidiary of Covis. The filings for the tender offer and AMAG's board recommendation will be submitted to the SEC.
AMAG Pharmaceuticals (NASDAQ: AMAG) has requested a public hearing with the FDA regarding the proposed withdrawal of its approval for Makena, a treatment aimed at reducing preterm birth. Despite the FDA's concerns stemming from the PROLONG trial, which showed no significant difference in outcomes, AMAG emphasizes the treatment's long-standing use and its importance for high-risk patients. The company plans to submit further documentation to support its case. Additionally, Covis Pharma is set to acquire AMAG, pending usual closing conditions.
AMAG Pharmaceuticals received a notice from the FDA proposing to withdraw approval for its product, Makena, which is used to reduce preterm birth in at-risk women. The company has 15 days to respond, with the option to request a hearing. Until then, Makena will remain on the market. AMAG is committed to retaining access to this FDA-approved treatment, citing its importance in preventing preterm births. Despite the FDA's proposal, the company expects its merger with Covis Pharma to close in November 2020.
Covis Group has announced a tender offer to acquire AMAG Pharmaceuticals for $13.75 per share, valuing the deal at approximately $647 million, inclusive of debt. This acquisition represents a premium of 46% over AMAG's last closing price before the announcement. Covis aims to enhance its therapeutic portfolio with AMAG’s leading treatments, anticipating completing the transaction by November 2020, pending customary closing conditions. Both companies' boards have unanimously approved the deal, which includes financing through cash reserves and debt commitments.
AMAG Pharmaceuticals (NASDAQ: AMAG) has announced that CEO Scott Myers and CFO Brian Piekos will engage in a fireside chat at the H.C. Wainwright 22nd Annual Global Investment Conference on September 15, 2020, at 10:30 a.m. ET. The event will be available via live audio webcast on AMAG’s investor website, with a replay accessible for 30 days post-event. AMAG focuses on delivering innovative biopharmaceutical products to address unmet medical needs across various therapeutic areas.
AMAG Pharmaceuticals reported a total revenue of $52.8 million for Q2 2020, down from $77.8 million in Q2 2019, significantly impacted by COVID-19 and FDA recommendations. Feraheme and Makena revenues were $29.6 million and $22.3 million, respectively. The company recorded an operating loss of $7.0 million and an adjusted EBITDA loss of $1.7 million. AMAG reissued financial guidance forecasting 2020 revenue between $225 million and $255 million, aiming for positive adjusted EBITDA in the second half. A strategic partnership with Norgine for ciraparantag aims to strengthen its pipeline.
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