Covis to acquire AMAG, $647 million debt obligations

By Taylor Fox

New York, Oct. 1 – Covis Group Sarl and AMAG Pharmaceuticals, Inc. entered into a definitive agreement under which Covis will acquire AMAG for $13.75 per share in cash, or $498 million on a fully diluted basis and $647 million on an enterprise basis, including debt obligations expected to be assumed or repaid net of cash, according to a news release.

The offer represents a premium of approximately 46% to the closing price of AMAG’s common stock on Sept. 30, the last full trading day prior to the announcement.

Covis is a Zug, Switzerland-based specialty pharmaceutical company.

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