Reporting Anthony Silva
LEXINGTON (CBS) – A Lexington biotechnology company that’s been struggling to gain market share is buying a smaller competitor.
AMAG Pharmaceuticals is merging with Allos Therapeutics of Colorado in an all stock deal worth $686 million.
WBZ NewsRadio 1030′s Anthony Silva reports
While AMAG is developing a therapeutic iron compound to treat anemia, Allos is developing anti-cancer therapeutics.
Allos will eventually close its operations in Colorado, and move the company to AMAG’s Massachusetts location.
The combined company will also have a new name, which is still under development.