Activist investor Caligan Partners has built a stake in Amag Pharmaceuticals Inc. and plans to push for changes at the company, including board refreshment, cost cuts and a renewed focus on the global expansion of its kidney drug business, according to people familiar with the matter.
The New York-based hedge fund has built a 10% stake in the pharmaceutical company, which is in the midst of launching the female libido drug Vyleesi, the people said, asking not to be identified because the matter is private. Caligan believes the company has under performed and needs to address its ballooning costs, the people said.