Amgen to buy back 83.3 million shares
Amgen Inc., the world’s largest biotechnology company, will buy back about 83.3 million shares at $60 each in a modified Dutch auction, amounting to about 9.5 percent of the stock outstanding.
About 98 million shares were tendered at or below $60 each, Thousand Oaks-based Amgen said Thursday. The $5 billion auction, announced last month, is part of a $10 billion buyback program.
The offer, which enabled investors to specify a price at which they were willing to sell, is part of a push by the drugmaker to return at least 60 percent of net income to investors. Amgen, with $15.1 billion in 2010 revenue, declared its first quarterly dividend this year, of 28 cents a share.
Amgen shares rose less than 1 percent to $58.41 at the close of trading.
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