What happened 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. So what 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. Image source: Getty Images. It's not surprising in the least that AMAG was in the market to be taken over. Earlier this year, the company announced that it was performing a strategic review of its products and business strategy. That review led to AMAG selling its women's health products business, a move that could have increased the company's attractiveness to potential acquirers. Covis CEO Michael Porter said that AMAG's products are "strong strategic complements" to Covis' lineup. He added that the acquisition would "unlock value for all of our stakeholders." Now what The deal has already been unanimously approved by both AMAG's and Covis' boards of directors. Next steps include regulatory approval and the tender of AMAG's shares. All of AMAG's board members and executives have agreed to tender their shares to support the acquisition. Assuming there are no roadblocks, the transaction is expected to close in November. 10 stocks we like better than AMAG PharmaceuticalsWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and AMAG Pharmaceuticals wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of September 24, 2020 Keith Speights has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source