Amgen to Raise $2.5 Billion From Offering of Zero-Coupon Senior Convertible Notes
THOUSAND OAKS, Calif.--(BUSINESS WIRE)--Feb. 21, 2002--Amgen Inc.
(Nasdaq:AMGN) today announced that it intends to raise approximately
$2.5 billion through an offering of 30-year zero-coupon senior notes
that are convertible into shares of Amgen common stock. Amgen may
raise up to an additional $300 million upon exercise of an
over-allotment option that it granted in connection with the offering.
Amgen expects to use the net proceeds from the offering: (1) to fund
the purchase of approximately $650 million of its common stock that it
is repurchasing simultaneously with the issuance of the notes and (2)
for general corporate purposes, including acquisitions, additional
share repurchases, capital expenditures and working capital.
This notice does not constitute an offer to sell or the
solicitation of an offer to buy securities. Any offers of the
securities will be made only by means of a private offering
memorandum. The notes and the shares of Amgen common stock issuable
upon conversion have not been, and will not be, registered under the
Securities Act of 1933, as amended, or the securities laws of any
other jurisdiction and may not be offered or sold in the United States
absent registration or an applicable exemption from registration
This news release contains forward-looking statements that involve
significant risks and uncertainties, including those discussed below
and more fully described in the Securities and Exchange Commission
reports filed by Amgen, including our most recent Form 10-Q. Amgen
conducts research in the biotechnology/pharmaceutical field where
movement from concept to product is uncertain; consequently, there can
be no guarantee that any particular product candidate will be
successful and become a commercial product.
Furthermore, our research, testing, pricing, marketing and other
operations are subject to extensive regulation by domestic and foreign
government regulatory authorities. In addition, sales of our products
are affected by reimbursement policies imposed by third party payors,
including governments, private insurance plans and managed care
providers. These government regulations and reimbursement policies may
affect the development, usage and pricing of our products.
In addition, while we routinely obtain patents for our products
and technology, the protection offered by our patents and patent
applications may be challenged, invalidated or circumvented by our
Because forward-looking statements involve risks and
uncertainties, actual results may differ materially from current
results expected by Amgen. Amgen is providing this information as of
February 21, 2002 and expressly disclaims any duty to update
information contained in this press release.
Amgen is a global biotechnology company that discovers, develops,
manufactures and markets important human therapeutics based on
advances in cellular and molecular biology.
||Amgen, Thousand Oaks
||Jeff Richardson, 805/447-3227 (media)
||Cary Rosansky, 805/447-4634 (investors)