AMAG Pharmaceuticals Completes Sale of its Rights to Intrarosa® to Millicent Pharma for up to $125 Million
21 Mai 2020 - 11:00PM
AMAG Pharmaceuticals, Inc. (NASDAQ: AMAG) today announced it
has completed the sale of its rights to Intrarosa® (prasterone) to
Millicent Pharma Limited, a global pharmaceutical company formed by
the Millicent Pharma management team and The Carlyle Group in 2018
that specializes in women’s health and menopause-related
conditions, for up to $125 million, including upfront fixed
consideration of $20 million and contingent, sales-based milestone
payments of up to $105 million.
“As mentioned in our first quarter earnings release, the sale of
Intrarosa is an important step in our strategic evolution,” said
Scott Myers AMAG’s president and chief executive officer. “We were
impressed with Millicent’s commercial capabilities and dedication
to women’s healthcare and we are pleased to transition this
important therapy into their portfolio. We remain focused on
maximizing Feraheme’s value, maintaining patient access to Makena
and developing innovative therapies, while managing expenses to
help further our goal of achieving profitability in 2020.”
In addition to the upfront consideration of $20 million, AMAG
will be entitled to certain sales milestone payments, which include
$25 million the first time Intrarosa net sales exceed $65 million
during any consecutive 12-month period, a second sales milestone
payment of $35 million the first time Intrarosa net sales exceed
$115 million during any consecutive 12-month period, and a third
milestone payment of $45 million the first time Intrarosa net sales
exceed $175 million during any consecutive 12-month period.
The sale of Intrarosa is consistent with AMAG’s previously
announced strategic decision to divest its women’s health assets.
AMAG has agreed to provide certain transitional services to
Millicent Pharma for a limited period of time while Intrarosa is
operationally separated from AMAG. AMAG remains committed to the
divestiture of Vyleesi and associated expense reductions as
previously announced.
Goldman Sachs & Co. LLC served as exclusive financial
advisor and Goodwin Procter LLP served as legal advisor to AMAG in
connection with the transaction.
ABOUT AMAG AMAG is a pharmaceutical company
focused on bringing innovative products to patients with unmet
medical needs. The company does this by leveraging its development
and commercial expertise to invest in and grow its pharmaceutical
products across a range of therapeutic areas. For additional
company information, please visit www.amagpharma.com.
Forward Looking StatementsThis press release
contains forward-looking information about AMAG within the meaning
of the Private Securities Litigation Reform Act of 1995 and other
federal securities laws. Any statements contained herein
which do not describe historical facts, including, among others,
statements regarding AMAG’s expectations with respect to the sale
of its rights to Intrarosa, including the potential consideration
payable in connection therewith, Millicent’s ability to drive
revenue growth of Intrarosa and successfully commercialize
Intrarosa, the belief that the sale of Intrarosa is an important
step in our strategic evolution, AMAG’s plans to focus on
maximizing Feraheme’s value, maintaining patient access to Makena
and developing innovative therapies, and expectations about
managing expenses to help further AMAG’s goal of achieving
profitability in 2020, are forward-looking statements which involve
risks and uncertainties that could cause actual results to differ
materially from those discussed in such forward-looking
statements.
Such risks and uncertainties include, among others, risks and
uncertainties related to the sale of AMAG’s rights to Intrarosa,
including AMAG’s ability to satisfy its obligations under the asset
purchase and related agreements with Millicent, Millicent’s ability
to successfully commercialize Intrarosa and satisfy its obligations
under the asset purchase and related agreements, AMAG’s ability to
achieve the expected benefits of the sale of Intrarosa to
Millicent, AMAG’s efforts to further streamline its business,
including to divest Vyleesi and achieve the expected benefits
therefrom, including any unintended consequences from such efforts,
and AMAG’s ability to successfully achieve the expected benefits of
such initiatives in a timely manner, or at all, as well as those
risks identified in AMAG’s filings with the U.S. Securities and
Exchange Commission (SEC), including its Annual Report on Form 10-K
for the year ended December 31, 2019, its Current Reports on Form
8-K, its Quarterly Reports on Form 10-Q, including for the quarter
ended March 31, 2020, and in any subsequent filings with the SEC,
which are available at the SEC’s website at www.sec.gov. Any such
risks and uncertainties could materially and adversely affect
AMAG’s results of operations, its profitability and its cash flows,
which would, in turn, have a significant and adverse impact on
AMAG’s stock price. AMAG cautions you not to place undue reliance
on any forward-looking statements, which speak only as of the date
they are made.
AMAG disclaims any obligation to publicly update or revise any
such statements to reflect any change in expectations or in events,
conditions or circumstances on which any such statements may be
based, or that may affect the likelihood that actual results will
differ from those set forth in the forward-looking statements.
AMAG Pharmaceuticals®, the logo and designs, Feraheme® and
Vyleesi® are registered trademarks of AMAG Pharmaceuticals, Inc.
Makena® is a registered trademark of AMAG Pharma USA, Inc.
Intrarosa® is a registered trademark of Endoceutics, Inc. Any other
trademarks referred to in this report are the property of their
respective owners.
AMAG CONTACTS:Investors: Linda
Lennox908-627-3424
Media: Stacy Nartker(781) 430-9212
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