Amag Pharmaceuticals Inc. (Nasdaq: AMAG) is buying GTCR’s Cord Blood Registry for $700 million.

Headquartered in San Bruno, California, Cord Blood enables families to preserve blood cells and tissue from a baby’s umbilical cord for the family’s potential future medical use. The business also partners with institutions to establish U.S. Food & Drug Administration-regulated clinical trials for medical conditions that don’t yet have cures.

The buyer, Amag, is a specialty pharmaceutical company headquartered in Waltham, Massachusetts. The business develops maternal health, anemia management and cancer care products.

Chicago private equity firm GTCR has backed Cord Blood since 2012, when it partnered with life sciences executive Geoffrey Crouse to buy the business. The deal was consistent with GTCR’s the Leaders Strategy, under which the firm partners with industry experts to acquire and grow companies. The method won GTCR Mergers & Acquisitions M&A Mid-Market Private Equity Firm of the Year award for 2013. For the firm, the Cord Blood exit comes on the heels of an investment in pharmacy management software Rx30, announced earlier in June.

Kirkland & Ellis LLP provided legal counsel to GTCR and Cord Blood. Goodwin Proctor advised Amag on the transaction. 

In another stem cell-related deal, Longitude Venture Partners II LP and NovaQuest Pharma Opportunities Fund III LP acquired California Cryobank Inc., which provides donor sperm and stem-cell services, in August. 

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