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Amgen Seeks $140 Million in New Stock, Partnership Sales

March 10, 1987

Amgen said it plans to raise an estimated $140 million by issuing new stock and by selling limited partnership units to the public.

The Newbury Park biotechnology concern said it filed a registration statement with the Securities and Exchange Commission for 2 million new common shares, half to be sold domestically and half overseas.

Amgen said that it now has about 14 million shares outstanding, and that the new shares should raise $65 million to $70 million. The proceeds will be used for working capital and for expanding production facilities near its headquarters, the company said.

Amgen also recently signed a letter of intent to raise an estimated $75 million through the public sale of limited-partnership units to finance clinical testing of new pharmaceuticals.

Neither terms nor products covered by the partnership were disclosed. But Amgen said the limited-partnership units will cost $100,000 each, and will include warrants to purchase Amgen common stock.

Partners would hope to profit from royalties. The units will not be publicly traded, Amgen said.

For the nine months ended Dec. 31, Amgen earned $905,000 on revenue of $24.1 million.

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