Amgen Extends Program for Repurchasing Stock

Amgen Inc. said it extended its stock repurchase program to buy back up to an additional $50 million of stock over the next four to seven months.

The Thousand Oaks-based biotechnology concern said that as of Aug. 13, it had already repurchased 636,000 shares of its common stock for $38.4 million under a previously announced buyback plan.

The new repurchases will be made periodically in the open market, and the stock will be retired, Amgen said. The repurchases will partially offset the effect of additional shares that Amgen is issuing for its employee stock-option and stock-purchase plans.