Amag Pharma Agrees to $13.75-Share, or $498 Million, Bid by Covis

Amag Pharmaceuticals  (AMAG) – Get Report shares jumped as the specialty drugmaker agreed to a $13.75-a-share takeover bid by private-equity-backed Covis Pharma.

The deal price is a 46% premium to the Waltham, Mass., biopharma’s $9.40 closing price on Wednesday. 

Amag shares at last check rose 45% to $13.60. They touched a 52-week low of $4.41 on March 18. A bit more than two years ago they were trading above $25. 

Including debt, the deal’s enterprise value is $647 million. 

Covis, based in Luxembourg and operating from Zug, Switzerland, is backed by the New York private-equity firm Apollo Global Management.  (APO) – Get Report Covis is a specialty pharmaceutical producer, focused, its website says, on respiratory and allergy, cardiovascular, gastroenterology and more.

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