Amgen Stock Buyback Gets Board Approval

Amgen Inc., the world’s largest biotechnology company, said its board gave it permission to buy back as much as $2 billion in stock over the next two years. The company also reiterated that Kevin Sharer, its chief executive and president, will take on the additional title of chairman Jan. 1, succeeding Gordon Binder. Binder announced his retirement plans last year. The buyback comes amid a 52% rise in Amgen shares over the last 12 months. Sharer is preparing the Thousand Oaks-based company to introduce four new drugs over the next two years, including a new version of its blockbuster Epogen anemia drug that investors say could drive future revenue and profit. Amgen shares fell $1 to close at $68.25 on Nasdaq. The announcement was made after the close of markets.