Amgen Looks to Raise $2.5 Billion in Convertible Offering
More than a quarter of the money is tagged to buy back the biotech's stock.
Amgen
(AMGN) - Get Report
said late Thursday it is seeking to raise $2.5 billion in a convertible debt offering.
The biotech firm said it intends to use proceeds from the offering to repurchase up to $650 million of its own common stock, and for general corporate purposes, including acquisitions.
Amgen is in the midst of completing a $16 billion acquisition of
Immunex
(IMNX)
, which includes payment of about $2.5 billion in cash. The deal is expected to close in the second half of the year.
Amgen had $2.6 billion in cash on hand at the end of 2001.
The offering calls for the sale of 30-year, zero-coupon senior notes convertible into Amgen common shares.
