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Amgen Chairman to Sell $13 Million in Shares

March 09, 1999|BARBARA MURPHY

Amgen Chairman Gordon Binder has filed papers to sell about $13 million in shares as record earnings and a legal victory pushed the Thousand Oaks-based biotechnology company's stock to a record high.

Binder said in a disclosure statement filed with the Securities and Exchange Commission that he intends to sell 100,000 shares of Amgen, according to the Washington Service, which tracks insider trading.

The value of the options Binder and all other Amgen employees receive as part of their compensation has soared over the past year as Amgen shares climbed 140%, compared with the 22% gain in the Standard & Poor's 500 Index.

Binder frequently sells shares, which he receives as part of his compensation. In December, he filed to sell another 100,000 shares, according to the Washington Service.

"This is just a regular exercise for him," said Amgen spokesman David Kaye.

The company's shares have climbed since December, when Amgen won an arbitration battle with Johnson & Johnson over rights to an experimental anemia drug dubbed NESP that analysts say is likely to become a blockbuster with annual sales in excess of $1 billion.

Shares also rose in January after the company reported fourth-quarter earnings that beat estimates.

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