Deals
Activist Investor Seek Four Board Seats at Amag Pharmaceuticals
- Investor believes company is undervalued, worth $30 per share
- Caligan seeking to replace company chairman Gino Santini
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Shares in Amag Pharmaceuticals Inc. jumped after activist investor Caligan Partners said it planned to ask shareholders to replace four of the company’s directors, including Chairman Gino Santini.
Caligan owns about 10.3% of the pharmaceutical company, which is launching the female libido drug Vyleesi. The New York-based hedge fund has been pushing for changes at Amag Pharma, including calling for a strategic review, cost cuts and the international expansion of its Feraheme kidney drug, according to a statement Wednesday, confirming an earlier report by Bloomberg.