AMAG Pharmaceuticals, Inc. (AMAG) Hires Jefferies and Co. to Explore Sale
11/17/2011 7:04:15 AM
LEXINGTON, Mass.--(BUSINESS WIRE)--AMAG Pharmaceuticals, Inc. (NASDAQ: AMAG) today announced that it has hired Jefferies & Company, Inc. as a strategic advisor. Jefferies will assist the company in identifying and evaluating various strategies to enhance stockholder value and leverage AMAG’s core assets – Feraheme® (ferumoxytol) Injection for Intravenous (IV) use, AMAG’s commercial and drug development infrastructure, and the company’s balance sheet, which had more than $250 million in cash and investments, and no debt, as of September 30, 2011.
“We are committed to enhancing long-term value for AMAG’s stockholders,” said Frank Thomas, interim president and chief executive officer of AMAG. “The Jefferies team will help us evaluate all means to create stockholder value and support us in determining the best path forward for AMAG. We will expeditiously complete this process, which will include a parallel review of a potential sale of the company and other strategic merger and acquisition transactions.”
“Since the outcome of this process is yet to be determined, AMAG’s Board of Directors will continue the search for a new CEO,” stated Michael Narachi, chairman of AMAG’s Board of Directors. “The Board, working with Spencer Stuart, a nationally recognized search firm, has identified multiple qualified and actionable CEO candidates. We are committed to ensuring that a permanent chief executive is named as soon as possible that has the skill set necessary to drive stockholder value and both near-term and long-term growth prospects for AMAG. Simultaneously, we are looking to further strengthen our Board’s capabilities by adding directors with experience successfully leading or directing specialty pharmaceutical companies.”
In the United States, Feraheme® (ferumoxytol) Injection for Intravenous (IV) use is indicated for the treatment of iron deficiency anemia in adult chronic kidney disease (CKD) patients. Feraheme received marketing approval from the U.S. Food and Drug Administration on June 30, 2009 and was commercially launched by AMAG in the U.S. shortly thereafter. For full prescribing information and additional product information, please visit www.feraheme.com.
About AMAG Pharmaceuticals, Inc.
AMAG Pharmaceuticals, Inc. is a biopharmaceutical company that manufactures and markets Feraheme® in the United States. For additional company information, please visit www.amagpharma.com.
AMAG Pharmaceuticals and Feraheme are registered trademarks of AMAG Pharmaceuticals, Inc.
This press release contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Terminology such as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," "projects," "potential," "continue," and other similar terminology or the negative of these terms, are intended to identify such forward-looking statements, but their absence does not mean that a particular statement is not forward-looking. Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that may cause actual results to differ materially from those anticipated by the forward-looking statements. These statements are not guarantees of future performance, involve risks, uncertainties and assumptions that are difficult to predict, and are based upon assumptions as to future events that may not prove accurate. Examples of such forward looking statements include: our statement that our advisors, including Jefferies, will help us evaluate all means to create stockholder value and support us in determining the best path forward for the company, our statement that we will expeditiously complete this process and that the process will include a parallel review of a potential sale of the company and other strategic merger and acquisition transactions, our statement that we are committed to ensuring a permanent CEO is named as soon as possible that has the skill set to drive near and long term growth, and our statement that we are looking to further strengthen our Board's capabilities. In any forward-looking statement in which we express an expectation or belief as to future results, such expectation or belief is expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the statement or expectation or belief will result or be achieved or accomplished. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: the risk that we may not enter into any sale, merger or other strategic transaction which creates stockholder value in a timely manner or at all because no such transaction is available to us or is not available to us on acceptable terms, the risk that we may not be able to identify and retain qualified CEO and/or Board candidates or may not be able to do so in a timely manner; and other economic, business, competitive, and/or regulatory factors affecting our business generally, including those risks set forth in the our SEC filings, especially in the "Risk Factors" section of our Quarterly Report on Form 10-Q for the quarter ended September 30, 2011, and in our other periodic reports and filings with the SEC. We caution investors not to place undue reliance on the forward-looking statements contained herein. All forward-looking statements are based on information currently available to us on the date hereof, and we undertake no obligation to revise or update these forward-looking statements to reflect events or circumstances after the date hereof, except as required by law.
AMAG Pharmaceuticals Contact:
Amy Sullivan, 617-498-3303