Deals
Apollo’s Covis Nears Deal to Buy Amag Pharmaceutical
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Covis Pharma agreed to buy Amag Pharmaceuticals Inc. for about $498 million, gaining a specialty pharmaceutical company with a treatment for iron deficiency anemia that’s been under pressure to improve its performance from an activist investor.
Covis, a business backed by private-equity firm Apollo Global Management Inc., will pay $13.75 per Amag share in cash, 46% more than Amag’s closing price on Sept. 30, according to a statement. The transaction, unanimously approved by Amag’s board, gives the company an enterprise value of $647 million, including debt.