Lexington Biotech Snaps Up Colorado Firm

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.