|Bid||13.32 x 27000|
|Ask||13.73 x 28000|
|Day's Range||13.68 - 13.74|
|52 Week Range||4.41 - 13.80|
|Beta (5Y Monthly)||1.03|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
AMAG (AMAG) is set to be acquired by Covis Group for approximately $647 million.
Shares of Amag Pharmaceuticals climbed 45.2% on Thursday after the company approved a takeover bid by Covis Pharma. The transaction is expected to be completed in November this year.Covis will pay $13.75 in cash for each outstanding shares of Amag Pharmaceuticals (AMAG), representing a premium of 46% from the stock's closing price of $9.40 on Sept. 30. According to Amag, the deal is valued at “approximately $498 million on a fully diluted basis and approximately $647 million on an enterprise basis, including debt obligations expected to be assumed or repaid net of cash.”Covis CEO Michael Porter said, “AMAG’s category leading treatments are strong strategic complements to our existing therapeutic portfolio. Through this combination, we believe we will be able to unlock value for all of our stakeholders, employees and patients through the effective and efficient management of these products, coupled with our two companies’ longstanding commitment to expanding patient access to therapy and putting patient interests first.” (See AMAG stock analysis on TipRanks)Needham analyst Serge Belanger welcomed the takeover announcement but reiterated a Hold rating on the stock. In a note to investors on Oct. 1, Belanger said, “We view the Covis acquisition offer for AMAG as a fair acquisition bid. We believe AMAG has been widely shopped and thus don't expect any additional competitive bids before an anticipated transaction close in November.”Currently, the Street is sidelined on the stock with a Hold analyst consensus. With shares up nearly 12.2% year-to-date, the average analyst price target of $11.21 implies downside potential of 17.9% from current levels.Related News: AstraZeneca’s Covid-19 Vaccine Put On Fast Track By EU Regulator Caesars To Buy William Hill In $3.7B Deal; Stifel Raises PT Regeneron: Initial Data From REGN-COV2 Trial Shows Promise, but Capacity Remains an Issue More recent articles from Smarter Analyst: * Boeing Wins $298M US Contract For Satellite System * Goldman Sachs To Snap Up GM’s Credit Card Unit For $2.5B - Report * Google To Pay Media Outlets $1B For News Content * Ligand Closes $438M Pfenex Deal; Street Sees 84% Upside
Amag Pharmaceuticals shares jumped as the drugmaker agreed to a $498 million bid by PE-backed Covis Pharma.