Amag Anemia Drug Approved in Canada
Amag Pharmaceuticals received approval from the Canadian government Monday to market and sell its anemia drug Feraheme in the country. According to the Associated Press, Amag will receive a $3 million milestone payment once commercial sales begin.
Feraheme has already been available in the United States for more than two years, where it is marketed as an iron deficiency treatment for adults with chronic kidney disease. It is administered in two 501-milligram doses over a three- to eight-day period. It can also be used as a single dose of 1,020 milligrams if administered through an infusion pump.
Amag also plans to get European approval to sell the drug overseas, the AP said.
The approval comes as Amag has been struggling to meet profit expectations and control losses. After losing CEO Brian Pereira and Chief Commercial Officer Gary Zieziula in November, the pharmaceutical company hired Jefferies & Co. to help advise its board as it considers strategic options.
Amag suffered a major loss earlier in the year when it tried to buy Allos Therapeutics Inc. for its possession of the lymphoma drug Folotyn. Shareholders in the company voted the deal down in October, however.
The company, whose shares fell 41 cents in morning trading Monday, plans to restructure its operation and slice off 25 percent of jobs. A possible sale of Amag is also under, the AP said.