AMAG Pharmaceuticals, Inc. to Slash Workforce, CEO Resigns

Amag Pharmaceuticals Inc's (AMAG.O) chief executive resigned and the biopharmaceuticals company said it will cut its workforce by a quarter to slash costs, sending its shares up 16 percent in early trade on Friday. The restructuring comes just two weeks after Amag's plan to buy Allos Therapeutics Inc (ALTH.O) fell apart, after its shareholders refused to approve the deal. The company expects to record restructuring charges of about $3.2 million -- most of them in the fourth quarter -- but hopes to reduce 2012 operating expenses by $20-$25 million.

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