The acquisition now expands the company’s suite of maternal health business and adds improved commercial capabilities as well as future growth opportunities to its portfolio.
Currently, CBR’s storage facility houses over 600,000 preserved umbilical cord blood and tissue stem cell units, which represent more than half of all privately stored cord units in the US.
Last year, CBR generated non-GAAP revenue of $126m and adjusted EBITDA of $45m, and with the transaction now complete AMAG expects about $15m in annual expense synergies associated with the deal.
AMAG chief executive officer William Heiden said: "The completion of AMAG’s acquisition of CBR marks another step forward in our strategy to expand and diversify our business through the acquisition of products and companies that leverage our therapeutic expertise and core competencies.
"CBR is a strong strategic fit for AMAG’s growing maternal health business and offers a unique opportunity to reach a broader population of expectant mothers who may benefit from our product offerings in the maternal health space, including Makena.
"Increasingly, regenerative medicine research is focused on harnessing the potential of umbilical cord blood stem cells for possible use in treating diseases and conditions that have no known cure today.
"I am committed to continuing CBR’s important efforts to collaborate with academic researchers to help expand the potential uses of newborn stem cell therapies that may be available to patients and their families."
As part of the transaction, CBR executive Geoffrey Crouse will serve as president of CBR and executive vice-president at AMAG, reporting directly to Heiden, while several members of the CBR senior leadership team will also remain with the organization.