UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                  SCHEDULE 13G

                    Under the Securities Exchange Act of 1934
                                (Amendment No. )*

                           AMAG PHARMACEUTICALS, INC.
--------------------------------------------------------------------------------
                                (Name of Issuer)

                     Common Stock, Par Value $0.01 Per Share
--------------------------------------------------------------------------------
                         (Title of Class of Securities)

                                    00163U106
                                    ---------
                                 (CUSIP Number)

                                January 13, 2009
                                ----------------
                      (Date of Event which Requires Filing
                               of this Statement)



Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:

                  [ ]      Rule 13d-1(b)
                  [X]      Rule 13d-1(c)
                  [ ]      Rule 13d-1(d)



  *The remainder of this cover page shall be filled out for a reporting person's
  initial filing on this form with respect to the subject class of securities,
  and for any subsequent amendment containing information which would alter the
  disclosures provided in a prior cover page.

  The information required on the remainder of this cover page shall not be
  deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
  Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
  the Act but shall be subject to all other provisions of the Act (however, see
  the Notes).


                                  Page 1 of 11





-------------------------                                  ---------------------
CUSIP No. 00163U106                      13G               Page 2 of 11 Pages
-------------------------                                  ---------------------

---------- ---------------------------------------------------------------------
        1  NAME OF REPORTING PERSON
           I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

           S.A.C. Capital Advisors, L.P.
---------- ---------------------------------------------------------------------
        2  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

                                                                 (a) [ ]
                                                                 (b) [X]
---------- ---------------------------------------------------------------------
        3  SEC USE ONLY
---------- ---------------------------------------------------------------------
        4  CITIZENSHIP OR PLACE OF ORGANIZATION

           Delaware
--------------------- ----- ----------------------------------------------------
                         5  SOLE VOTING POWER

                            0
                      ----- ----------------------------------------------------
                         6  SHARED VOTING POWER
NUMBER OF SHARES
BENEFICIALLY OWNED          215,500 (see Item 4)
BY EACH REPORTING     ----- ----------------------------------------------------
PERSON WITH              7  SOLE DISPOSITIVE POWER

                             0
                      ----- ----------------------------------------------------
                         8  SHARED DISPOSITIVE POWER

                            215,500 (see Item 4)
---------- ---------------------------------------------------------------------
        9  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

           215,500 (see Item 4)
---------- ---------------------------------------------------------------------
       10  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

           [ ]
---------- ---------------------------------------------------------------------
       11  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

           1.3% (see Item 4)
---------- ---------------------------------------------------------------------
       12  TYPE OF REPORTING PERSON*

           PN
---------- ---------------------------------------------------------------------
                       *SEE INSTRUCTION BEFORE FILLING OUT

                                  Page 2 of 11




-------------------------                                  ---------------------
CUSIP No. 00163U106                      13G               Page 3 of 11 Pages
-------------------------                                  ---------------------

---------- ---------------------------------------------------------------------
        1  NAME OF REPORTING PERSON
           I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

           S.A.C. Capital Advisors, Inc.
---------- ---------------------------------------------------------------------
        2  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

                                                                 (a) [ ]
                                                                 (b) [X]
---------- ---------------------------------------------------------------------
        3  SEC USE ONLY
---------- ---------------------------------------------------------------------
        4  CITIZENSHIP OR PLACE OF ORGANIZATION

           Delaware
--------------------- ----- ----------------------------------------------------
                         5  SOLE VOTING POWER

                            0
                      ----- ----------------------------------------------------
                         6  SHARED VOTING POWER
NUMBER OF SHARES
BENEFICIALLY OWNED          215,500 (see Item 4)
BY EACH REPORTING     ----- ----------------------------------------------------
PERSON WITH              7  SOLE DISPOSITIVE POWER

                             0
                      ----- ----------------------------------------------------
                         8  SHARED DISPOSITIVE POWER

                            215,500 (see Item 4)
---------- ---------------------------------------------------------------------
        9  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

           215,500 (see Item 4)
---------- ---------------------------------------------------------------------
       10  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

           [ ]
---------- ---------------------------------------------------------------------
       11  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

           1.3% (see Item 4)
---------- ---------------------------------------------------------------------
       12  TYPE OF REPORTING PERSON*

           CO
---------- ---------------------------------------------------------------------
                       *SEE INSTRUCTION BEFORE FILLING OUT

                                  Page 3 of 11




-------------------------                                  ---------------------
CUSIP No. 00163U106                      13G               Page 4 of 11 Pages
-------------------------                                  ---------------------

---------- ---------------------------------------------------------------------
        1  NAME OF REPORTING PERSON
           I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

           CR Intrinsic Investors, LLC
---------- ---------------------------------------------------------------------
        2  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

                                                                 (a) [ ]
                                                                 (b) [X]
---------- ---------------------------------------------------------------------
        3  SEC USE ONLY
---------- ---------------------------------------------------------------------
        4  CITIZENSHIP OR PLACE OF ORGANIZATION

           Delaware
--------------------- ----- ----------------------------------------------------
                         5  SOLE VOTING POWER

                            0
                      ----- ----------------------------------------------------
                         6  SHARED VOTING POWER
NUMBER OF SHARES
BENEFICIALLY OWNED          750,000 (see Item 4)
BY EACH REPORTING     ----- ----------------------------------------------------
PERSON WITH              7  SOLE DISPOSITIVE POWER

                             0
                      ----- ----------------------------------------------------
                         8  SHARED DISPOSITIVE POWER

                            750,000 (see Item 4)
---------- ---------------------------------------------------------------------
        9  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

           750,000 (see Item 4)
---------- ---------------------------------------------------------------------
       10  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

           [ ]
---------- ---------------------------------------------------------------------
       11  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

           4.4% (see Item 4)
---------- ---------------------------------------------------------------------
       12  TYPE OF REPORTING PERSON*

           OO
---------- ---------------------------------------------------------------------
                       *SEE INSTRUCTION BEFORE FILLING OUT

                                  Page 4 of 11



-------------------------                                  ---------------------
CUSIP No. 00163U106                      13G               Page 5 of 11 Pages
-------------------------                                  ---------------------

---------- ---------------------------------------------------------------------
        1  NAME OF REPORTING PERSON
           I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

           Sigma Capital Management, LLC
---------- ---------------------------------------------------------------------
        2  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

                                                                 (a) [ ]
                                                                 (b) [X]
---------- ---------------------------------------------------------------------
        3  SEC USE ONLY
---------- ---------------------------------------------------------------------
        4  CITIZENSHIP OR PLACE OF ORGANIZATION

           Delaware
--------------------- ----- ----------------------------------------------------
                         5  SOLE VOTING POWER

                            0
                      ----- ----------------------------------------------------
                         6  SHARED VOTING POWER
NUMBER OF SHARES
BENEFICIALLY OWNED          500,000 (see Item 4)
BY EACH REPORTING     ----- ----------------------------------------------------
PERSON WITH              7  SOLE DISPOSITIVE POWER

                             0
                      ----- ----------------------------------------------------
                         8  SHARED DISPOSITIVE POWER

                            500,000 (see Item 4)
---------- ---------------------------------------------------------------------
        9  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

           500,000 (see Item 4)
---------- ---------------------------------------------------------------------
       10  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

           [ ]
---------- ---------------------------------------------------------------------
       11  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

           2.9% (see Item 4)
---------- ---------------------------------------------------------------------
       12  TYPE OF REPORTING PERSON*

           OO
---------- ---------------------------------------------------------------------
                       *SEE INSTRUCTION BEFORE FILLING OUT

                                  Page 5 of 11



-------------------------                                  ---------------------
CUSIP No. 00163U106                      13G               Page 6 of 11 Pages
-------------------------                                  ---------------------

---------- ---------------------------------------------------------------------
        1  NAME OF REPORTING PERSON
           I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

           Steven A. Cohen
---------- ---------------------------------------------------------------------
        2  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

                                                                 (a) [ ]
                                                                 (b) [X]
---------- ---------------------------------------------------------------------
        3  SEC USE ONLY
---------- ---------------------------------------------------------------------
        4  CITIZENSHIP OR PLACE OF ORGANIZATION

           United States
--------------------- ----- ----------------------------------------------------
                         5  SOLE VOTING POWER

                            0
                      ----- ----------------------------------------------------
                         6  SHARED VOTING POWER
NUMBER OF SHARES
BENEFICIALLY OWNED          1,465,500 (see Item 4)
BY EACH REPORTING     ----- ----------------------------------------------------
PERSON WITH              7  SOLE DISPOSITIVE POWER

                             0
                      ----- ----------------------------------------------------
                         8  SHARED DISPOSITIVE POWER

                            1,465,500 (see Item 4)
---------- ---------------------------------------------------------------------
        9  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

           1,465,500 (see Item 4)
---------- ---------------------------------------------------------------------
       10  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

           [ ]
---------- ---------------------------------------------------------------------
       11  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

           8.6% (see Item 4)
---------- ---------------------------------------------------------------------
       12  TYPE OF REPORTING PERSON*

           IN
---------- ---------------------------------------------------------------------
                       *SEE INSTRUCTION BEFORE FILLING OUT

                                  Page 6 of 11





Item 1(a)           Name of Issuer:
                    --------------

                    AMAG Pharmaceuticals, Inc.

Item 1(b)           Address of Issuer's Principal Executive Offices:
                    -----------------------------------------------

                    100 Hayden Avenue, Lexington, Massachusetts, 02421

Item 2(a)           Name of Person Filing:
                    ---------------------

                    This statement is filed by: (i) SAC Capital Advisors LP with
                    respect to shares of Common Stock, par value $0.01 per share
                    ("Shares") of the Issuer beneficially owned by S.A.C.
                    Capital Associates, LLC ("SAC Capital Associates"); (ii)
                    S.A.C. Capital Advisors, Inc. ("SAC Capital Advisors Inc.")
                    with respect to Shares beneficially owned by SAC Capital
                    Advisors LP and SAC Capital Associates; (iii) CR Intrinsic
                    Investors, LLC ("CR Intrinsic Investors") with respect to
                    Shares beneficially owned by CR Intrinsic Investments, LLC
                    ("CR Intrinsic Investments"); (iv) Sigma Capital Management,
                    LLC ("Sigma Management") with respect to Shares beneficially
                    owned by Sigma Capital Associates, LLC ("Sigma Capital
                    Associates"); and (v) Steven A. Cohen with respect to Shares
                    beneficially owned by SAC Capital Advisors LP, SAC Capital
                    Advisors Inc., SAC Capital Associates, CR Intrinsic
                    Investors, CR Intrinsic Investments, Sigma Management, and
                    Sigma Capital Associates.

                    SAC Capital Advisors LP, SAC Capital Advisors Inc., CR
                    Intrinsic Investors, Sigma Management and Steven A. Cohen
                    have entered into a Joint Filing Agreement, a copy of which
                    is filed with this Schedule 13G as Exhibit 99.1, pursuant to
                    which they have agreed to file this Schedule 13G jointly in
                    accordance with the provisions of Rule 13d-1(k) of the Act.

Item 2(b)           Address or Principal Business Office:
                    ------------------------------------

                    The address of the principal business office of (i) SAC
                    Capital Advisors LP, SAC Capital Advisors Inc., CR Intrinsic
                    Investors, and Mr. Cohen is 72 Cummings Point Road,
                    Stamford, Connecticut 06902; and (ii) Sigma Management is
                    540 Madison Avenue, New York, New York 10022.

Item 2(c)           Citizenship:
                    -----------

                    SAC Capital Advisors LP is a Delaware limited partnership.
                    SAC Capital Advisors Inc. is a Delaware corporation. Sigma
                    Management and CR Intrinsic Investors are Delaware limited
                    liability companies. Mr. Cohen is a United States citizen.

Item 2(d)           Title of Class of Securities:
                    ----------------------------

                    Common Stock, par value $0.01 per share

                                  Page 7 of 11


Item 2(e)           CUSIP Number:
                    ------------

                    00163U106

Item 3              Not Applicable

Item 4              Ownership:
                    ---------

                    The percentages used herein are calculated based upon the
                    Shares issued and outstanding as of October 31, 2008 as
                    reported on the Issuer's quarterly report on Form 10-Q filed
                    with the Securities and Exchange Commission by the Issuer
                    for the quarterly period ended September 30, 2008.

                    As of the close of business on January 22, 2009:

                    1. S.A.C. Capital Advisors, L.P.
                    (a)    Amount beneficially owned: 215,500
                    (b)    Percent of class: 1.3%
                    (c)(i) Sole power to vote or direct the vote: -0-
                    (ii)   Shared power to vote or direct the vote: 215,500
                    (iii)  Sole power to dispose or direct the disposition: -0-
                    (iv)   Shared power to dispose or direct the disposition:
                           215,500

                    2. S.A.C. Capital Advisors, Inc.
                    (a)    Amount beneficially owned: 215,500
                    (b)    Percent of class: 1.3%
                    (c)(i) Sole power to vote or direct the vote: -0-
                    (ii)   Shared power to vote or direct the vote: 215,500
                    (iii)  Sole power to dispose or direct the disposition: -0-
                    (iv)   Shared power to dispose or direct the disposition:
                           215,500

                    3. CR Intrinsic Investors, LLC
                    (a)    Amount beneficially owned: 750,000
                    (b)    Percent of class: 4.4%
                    (c)(i) Sole power to vote or direct the vote: -0-
                    (ii)   Shared power to vote or direct the vote: 750,000
                    (iii)  Sole power to dispose or direct the disposition: -0-
                    (iv)   Shared power to dispose or direct the disposition:
                           750,000

                    4. Sigma Capital Management, LLC
                    (a)    Amount beneficially owned: 500,000
                    (b)    Percent of class: 2.9%
                    (c)(i) Sole power to vote or direct the vote: -0-
                    (ii)   Shared power to vote or direct the vote: 500,000
                    (iii)  Sole power to dispose or direct the disposition: -0-
                    (iv)   Shared power to dispose or direct the disposition:
                           500,000

                    5. Steven A. Cohen
                    (a)    Amount beneficially owned: 1,465,000
                    (b)    Percent of class: 8.6%
                    (c)(i) Sole power to vote or direct the vote: -0-

                                  Page 8 of 11



                    (ii)   Shared power to vote or direct the vote: 1,465,000
                    (iii)  Sole power to dispose or direct the disposition: -0-
                    (iv)   Shared power to dispose or direct the disposition:
                           1,465,000

                    SAC Capital Advisors LP, SAC Capital Advisors Inc., CR
                    Intrinsic Investors, Sigma Management, and Mr. Cohen own
                    directly no Shares. Pursuant to an investment management
                    agreement, SAC Capital Advisors LP maintains investment and
                    voting power with respect to the securities held by SAC
                    Capital Associates. SAC Capital Advisors Inc. is the general
                    partner of SAC Capital Advisors LP. Pursuant to an
                    investment management agreement, Sigma Management maintains
                    investment and voting power with respect to the securities
                    held by Sigma Capital Associates. Pursuant to an investment
                    management agreement, CR Intrinsic Investors maintains
                    investment and voting power with respect to the securities
                    held by CR Intrinsic Investments. Mr. Cohen controls each of
                    SAC Capital Advisors Inc., CR Intrinsic Investors, and Sigma
                    Management. CR Intrinsic Investments is a wholly owned
                    subsidiary of SAC Capital Associates. By reason of the
                    provisions of Rule 13d-3 of the Securities Exchange Act of
                    1934, as amended, each of (i) SAC Capital Advisors LP, SAC
                    Capital Advisors Inc. and Mr. Cohen may be deemed to
                    beneficially own 215,500 Shares (constituting approximately
                    1.3% of the Shares outstanding); (ii) CR Intrinsic Investors
                    and Mr. Cohen may be deemed to beneficially own 750,000
                    Shares (constituting approximately 4.4% of the Shares
                    outstanding); and (iii) Sigma Management and Mr. Cohen may
                    be deemed to beneficially own 500,000 Shares (constituting
                    approximately 2.9% of the Shares outstanding). Each of SAC
                    Capital Advisors LP, SAC Capital Advisors Inc., CR Intrinsic
                    Investors, Sigma Management, and Mr. Cohen disclaims
                    beneficial ownership of any of the securities covered by
                    this statement, and SAC Capital Associates disclaims
                    beneficial ownership of any securities held by CR Intrinsic
                    Investments.

Item 5              Ownership of Five Percent or Less of a Class:
                    --------------------------------------------

                    If this statement is being filed to report the fact that as
                    of the date hereof the reporting person has ceased to be the
                    beneficial owner of more than five percent of the class of
                    securities, check the following.   [ ]

Item 6              Ownership of More than Five Percent on Behalf of Another
                    --------------------------------------------------------
                    Person:
                    ------

                    Not Applicable

Item 7              Identification and Classification of the Subsidiary Which
                    ---------------------------------------------------------
                    Acquired the Security Being Reported on By the Parent
                    -----------------------------------------------------
                    Holding Company:
                    ---------------

                    Not Applicable

Item 8              Identification and Classification of Members of the Group:
------              ---------------------------------------------------------

                    Not Applicable

                                  Page 9 of 11


Item 9              Notice of Dissolution of Group:
                    ------------------------------

                    Not Applicable

Item 10             Certification:
                    -------------

     By signing below the signatory certifies that, to the best of his knowledge
and belief, the securities referred to above were not acquired and are not held
for the purpose of or with the effect of changing or influencing the control of
the issuer of the securities and were not acquired and are not held in
connection with or as a participant in any transaction having that purpose or
effect.

                                 Page 10 of 11



                                    SIGNATURE

     After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.

Dated: January 23, 2009





S.A.C. CAPITAL ADVISORS, L.P.


By:     /s/ Peter Nussbaum
        --------------------------------
Name:   Peter Nussbaum
Title:  Authorized Person



S.A.C. CAPITAL ADVISORS, INC.


By:     /s/ Peter Nussbaum
        --------------------------------
Name:   Peter Nussbaum
Title:  Authorized Person



CR INTRINSIC INVESTORS, LLC


By:     /s/ Peter Nussbaum
        --------------------------------
Name:   Peter Nussbaum
Title:  Authorized Person



SIGMA CAPITAL MANAGEMENT, LLC


By:     /s/ Peter Nussbaum
        --------------------------------
Name:   Peter Nussbaum
Title:  Authorized Person



STEVEN A. COHEN


By:     /s/ Peter Nussbaum
        --------------------------------
Name:   Peter Nussbaum
Title:  Authorized Person

                                 Page 11 of 11