Amgen to Buy Back $50 Million of Its Stock

Amgen Inc. said it plans to repurchase up to $50 million of its common stock by Jan. 31.

The Thousand Oaks-based biotechnology concern said the stock would be bought back in open-market trades and would help Amgen satisfy its obligations to its employee stock-option and stock-purchase plans.

The current market value of Amgen’s total shares outstanding exceeds $8 billion.