LEXINGTON, Mass.—AMAG Pharmaceuticals, Inc. (NASDAQ: AMAG) today announced that it has hired Jefferies & Company, Inc. as a strategic advisor. Jefferies will assist the company in identifying and evaluating various strategies to enhance stockholder value and leverage AMAG’s core assets— Feraheme® (ferumoxytol) Injection for Intravenous (IV) use, AMAG’s commercial and drug development infrastructure, and the company’s balance sheet, which had more than $250 million in cash and investments, and no debt, as of Sept. 30, 2011, AMAG reported.
“We are committed to enhancing long-term value for AMAG’s stockholders,” said Frank Thomas, interim president and chief executive officer of AMAG. “The Jefferies team will help us evaluate all means to create stockholder value and support us in determining the best path forward for AMAG. We will expeditiously complete this process, which will include a parallel review of a potential sale of the company and other strategic merger and acquisition transactions.”
“Since the outcome of this process is yet to be determined, AMAG’s board of directors will continue the search for a new CEO,” stated Michael Narachi, chairman of AMAG’s board of directors. “The board, working with Spencer Stuart, a nationally recognized search firm, has identified multiple qualified and actionable CEO candidates. We are committed to ensuring that a permanent chief executive is named as soon as possible that has the skill set necessary to drive stockholder value and both near-term and long-term growth prospects for AMAG. Simultaneously, we are looking to further strengthen our board’s capabilities by adding directors with experience successfully leading or directing specialty pharmaceutical companies.”
