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APO - Why AMAG Pharmaceuticals Stock Is Skyrocketing Today
Apollo Global Management LLC Class A Representing Class A Limitied Liability Company Interests
Shares of AMAG Pharmaceuticals (NASDAQ: AMAG) were skyrocketing 44.6% higher as of 11:10 a.m. EDT on Thursday. The huge jump began Thursday morning after Bloomberg reported that Covis Pharma, a drugmaker backed by Apollo Global Management (NYSE: APO) , is in talks to acquire AMAG. Covis confirmed this report later in the day by announcing that it plans to buy AMAG for around $647 million.
Covis' offer reflects a 46% premium above AMAG's closing price on Wednesday. So why hasn't the biotech stock moved even higher today? Investors realize that there's always a chance that the deal won't close for some reason.