Amgen plans to buy back up to $5B of its shares

[November 08, 2011]  THOUSAND OAKS, Calif. (AP) -- Biotech drugmaker Amgen says it will buy back up to $5 billion of its stock in a modified Dutch auction tender offer.

The Thousand Oaks, Calif., company says it will purchase the shares for between $54 and $60 each. The modified Dutch auction tender offer allows shareholders to state the amount of shares they wish to tender and the price they are willing to pay within the company's range.

Amgen also says it will have a public offering of senior notes to help pay for the tender offer.

Company shares are climbing almost 5 percent to $57.90 in early trading.

[Associated Press]

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