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AMAG Pharmaceuticals Inc. of Lexington has announced plans to merge with Colorado company Allos Therapeutics Inc. in a stock-for-stock deal worth approximately $686 million. While the combined company will have its headquarters in Lexington, officials said in a release that it would be renamed.

Following the close of the deal, AMAG (Nasdaq: AMAG) shareholders would own approximately 61 percent and Allos (Nasdaq: ALTH) shareholders approximately 39 percent of the combined company. While the deal has the approval of the executives and boards of both companies, it still needs shareholder and regulatory approval. Officials said the anticipate the deal to close in the fourth quarter of this year.

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