Wednesday, February 8, 2012

AMAG adds board members amid 'strategic alternative' talks

By Michelle Lang

Lexington biotech AMAG Pharmaceuticals Inc. has added Rajiv De Silva and Gino Santini as two new members to its board of directors. The additions are expected to add perspective for the company, which continues to look at strategic alternatives while also seeking a new CEO, AMAG executives noted in a press release Tuesday.

AMAG (Nasdaq: AMAG) put itself up for sale last November after lackluster revenue for its anemia drug, Feraheme, and a failed merger attempt. Feraheme did land regulatory approval in Canada in December. In January, the company also said it is planning for lower-than-expected fourth quarter revenue between $14.3 million and $15 million.

New board member De Silva is the president of Valeant Pharmaceuticals International Inc. and chief operating officer of its specialty pharmaceuticals business. He previously served as president of Novartis Vaccines USA and partner of management consulting firm McKinsey & Company. He earned an MBA from the University of Pennsylvania’s Wharton School, M.S. from Stanford University and a B.S. in engineering from Princeton University.

Santini worked as senior vice president, corporate strategy and business development, for Eli Lilly and Company. He earned an MBA from the University of Rochester and a mechanical engineering undergraduate degree from the University of Bologna.

“Their expertise will be valuable assets to the board as we explore a sale of the company and simultaneously establish a solid foundation from which to drive growth and profitability if AMAG remains an independent company,” AMAG board chairman Michael Narachi said in a statement.

AMAG’s Feraheme is approved in the U.S. to treat iron deficiency anemia (IDA) in adult patients with chronic kidney disease, but the company is looking to expand its use by seeking a broader IDA indication.