(Updates shares in fifth paragraph.)
Dec. 8 (Bloomberg) -- Amgen Inc., the world’s largest biotechnology company, will buy back about 83.3 million shares at $60 each in a modified Dutch auction, amounting to about 9.5 percent of the stock outstanding.
About 98 million shares were tendered at or below $60 each, Thousand Oaks, California-based Amgen said today in a statement. The $5 billion auction, announced last month, is part of a $10 billion buyback program.
The offer, which enabled investors to specify a price at which they were willing to sell, is part of a push by the drugmaker to return at least 60 percent of net income to investors. Amgen, with $15.1 billion in 2010 revenue, declared its first quarterly dividend this year, of 28 cents a share.
Bank of America Merrill Lynch and Credit Suisse managed the tender offer, Amgen said in the statement.
Amgen rose less than 1 percent to $58.41 at the close of trading in New York. The shares have increased 6.4 percent this year.
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