WALTHAM, Mass., Aug. 06, 2018 (GLOBE NEWSWIRE) -- AMAG Pharmaceuticals, Inc. (NASDAQ:AMAG) today announced it has closed the previously announced divestiture of Cord Blood Registry (CBR®) to GI Partners, a private equity investment firm, for $530 million in an all cash sale. The purchase price is subject to customary purchase price adjustments with respect to working capital, cash, indebtedness and transaction expenses as previously disclosed. The company intends to use the majority of the transaction proceeds to pay off the remaining $475 million of principal of its 7.875% senior notes.

“Completing the divestiture of CBR is an important step in the successful execution of AMAG’s strategic plan which focuses on growing and diversifying our pharmaceutical business,” said William Heiden, president and chief executive officer at AMAG. “Paying off our high-yield notes will align the balance sheet with our long-term growth plans and provide us with flexibility to develop and deliver innovative therapies for patients with unmet medical needs.”

On August 2, the company provided updated 2018 revenue, operating income and adjusted EBITDA guidance, which remains unchanged. The updated financial guidance reflects the CBR divestiture, strong financial performance in the first half from the company’s pharmaceutical products as well forecasted performance for the second half of the year.

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, including women’s health. In addition, AMAG seeks to collaborate on and acquire promising therapies at various stages of development, and advance them through the clinical and regulatory process to deliver new treatment options to patients. For additional company information, please visit www.amagpharma.com.