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Amgen Plans $5 Bln Buyback
Biotech company will hold modified Dutch auction for about 10% of its shares.
Amgen Inc., the world’s largest biotechnology company, gained the most in 17 months after the company said it’s planning a $5 billion share repurchase as part of a push to return profit to stockholders.
Amgen rose 5.9 percent Monday to $58.43 at the close in New York, the biggest single-day increase since June 2010. The shares of the Thousand Oaks, California-based drugmaker have gained 6.4 percent this year.
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