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Amgen announces auction to buyback $5 billion of its stock

Amgen Inc., the Thousand Oaks biotech giant, will buyback $5 billion of its common stock, the company announced Monday. The modified Dutch auction will begin Tuesday and shares will be offered at a price between $60 and $54 per share, the company said in a news release. It is scheduled to end at midnight Dec. 7. To pay for the tender offer, the company will conduct a public offering of its senior notes. The proceeds of that offering will also fund general corporate purposes, Amgen said. “This tender offer reflects Amgen’s confidence in the future outlook of our business and the company’s long-term value,” CEO Kevin W. Sharer said in a statement. The offering its part of Amgen’s $10 billion stock repurchase program it announced in late October. In afternoon trading, Amgen’s stock was up 5.35 percent at $58.12

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