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Friday, Apr 26, 2024

NY Attorney General Subpoenas Amgen

Thousand Oaks-based pharmaceutical maker Amgen Inc. received a subpoena from the New York Attorney General’s Office earlier this month requesting documents related to its promotional and sales and marketing activities. The subpoena also requests documents related to the company’s medical education, clinical studies, license and distribution agreements, corporate communications and pricing and contracting activities. In a filing with the U.S. Securities and Exchange Commission, the embattled company said it intends to fully cooperate with the attorney general’s office. The company also faced other legal woes this month. A class-action shareholder litigation lawsuit was filed against the company and individual defendants earlier this month in the U.S. District Court for the Central District of California. The lawsuit alleges that Amgen and individual defendants made false statements affecting buyers of its publicly traded securities. The troubled company was also served with a shareholder demand on the board of directors earlier this month for a special litigation committee to investigate possible breaches in duties by company officers and directors. Amgen has also been contacted by the U.S. Senate Committee. After concerns were raised in the media about the company’s erythropoiesis stimulating agent, the committee sent a letter on May 16 to Amgen requesting a briefing on the product. On Wednesday, Amgen announced its intention to offer $4 billion in three series of senior notes. The company expects to use the net proceeds from the offering to purchase approximately $3 billion worth of shares of its common stock.

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