Hedge fund MSMB Capital launches $378-million takeover of Amag Pharma
04 Aug 2011
Amag Pharmaceuticals, Inc, today received an $18-per share in cash unsolicited takeover proposal from MSMB Capital Management (MSMB) valuing the biopharmaceutical company at $378 million.
MSMB Capital offer represents a 25-per cent premium to Amag's 2 August closing price of $14.39.
Cambridge, Massachusetts-based AMAG is a biopharmaceutical company focused on the development and commercialisation of a therapeutic iron compound to treat iron deficiency anemia.
Amag's biggest drug is Feraheme, which was approved in July 2009 for use in the treatment of both dialysis and non-dialysis dependent chronic kidney disease (CKD) patients.
It's GastroMARK oral contrast agent, used for delineating the bowel in MRI, has been approved and marketed in the US, Europe, and other countries.
But Feraheme has been a big disappointment and sales fell 20 per cent in the second quarter after the US government cut its use in dialysis clinics.
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