Accept / reject / reset
Proxy firm says AMAG could be overpaying in Allos merger
Proxy advisory firm Institutional Shareholder Services Inc. made clear who it thinks is getting the better end of the proposed merger between AMAG Pharmaceuticals Inc. and Allos Therapeutics Inc. Last week, ISS released a pair of reports - one recommending that Allos shareholders vote in favor of the deal and the other urging AMAG shareholders to reject the merger.
The July stock deal valued Allos at about $2.44 per share, or $258 million. The companies said the merger would allow a single commercial team to sell Allos' Folotyn pralatrexate cancer drug and AMAG's Feraheme ferumoxytol, an IV iron replacement therapy approved in the U.S. to treat iron deficiency anemia in patients with chronic kidney disease (CKD). They said the synergy would result in annual savings of about $55-$60 million...