Amag Pharmaceuticals Inc said it would purchase privately held women's healthcare company Lumara Health Inc for $675 million in cash and stock, gaining access to the only approved product designed to reduce the risk of preterm birth.Amag's shares were up 21 percent at $28.09 before the bell.The company said the deal, which has a cash component of $600 million, was expected to add earnings immediately and result in combined product sales of $350 million in 2015.Amag, based in Waltham, Massachusetts, had sales of $39.6 million in the first half of the year ended June 30.
AMAG Pharmaceuticals, Inc. is a specialty pharmaceutical company that markets Feraheme (ferumoxytol) Injection for Intravenous (IV), used to treat iron deficiency anemia (IDA), in adult patients with chronic kidney disease (CKD), and MuGard Mucoadhesive Oral Wound Rinse for the management of oral mucositis. Shares of AMAG remained unchanged at $23.18. In the past year, the shares have traded as low as $16.49 and as high as $28.42. On average, 301263 shares of AMAG exchange hands on a given day and today's volume is recorded at 70350.
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