MSMB offers $18 per share for Amag acquisition

MSMB Capital Management today announced that it has made a proposal to the Board of Directors of Amag Pharmaceuticals Inc. (NASDAQ: AMAG) to acquire all of the outstanding shares of common stock of Amag for $18 per share in cash or an aggregate of $378 million. This proposal represents an approximate 25% premium above the closing price of Amag stock of $14.39 on August 2, 2011.

MSMB's offer is conditioned on completion of cursory due diligence and other customary provisions.

"MSMB is a long-term investor in Amag and believes that the management's current strategy does not protect the interests of Amag's stockholders or ensure Amag's long-term viability. I believe that our offer is superior and more beneficial to Amag's stockholders than the proposed no-premium merger between Amag and Allos Therapeutics," said Martin Shkreli, Chief Investment Officer of MSMB Capital Management LLC.