Amag Pharmaceuticals Inc said it would purchase the largest newborn stem cell bank in the world for $700 million to strengthen is maternal health business and that it was on the hunt for more deals. Still, news of Amag's biggest deal ever and Chief Executive William Heiden's assertion to hunt for growth through acquisitions failed to move shareholders. The stock was flat in morning trading.Cord Blood Registry (CBR), owned by private equity firm GTCR, has more than half a million preserved umbilical cord blood and tissue stem cell units, Amag said in a statement on Monday.Stem cells, the basic building blocks of the body, are used to develop treatments for life-threatening genetic and chronic diseases that have limited treatment options, such as type 1 diabetes, Parkinson's disease, stroke and autism.
AMAG Pharmaceuticals, Inc. is a specialty pharmaceutical company. Shares of AMAG traded higher by 0.26% or $0.18/share to $70.54. In the past year, the shares have traded as low as $17.79 and as high as $74.21. On average, 746346 shares of AMAG exchange hands on a given day and today's volume is recorded at 634897.