Amgen

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-based Amgen said Thursday. 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 Inc., aiming to secure future sales of its flagship anemia drug Epogen as potential competition emerges, has reached new supply contracts with the two largest operators of U.S. kidney dialysis clinics. The Thousand Oaks biotechnology company said in a regulatory filing Friday that it had signed a seven-year contract to provide clinic operator DaVita Inc. with at least 90% of its anemia drug needs. Amgen also entered into a multiyear agreement, starting in January, to supply Epogen on a nonexclusive basis to Fresenius Medical Care, according to Amgen spokeswoman Christine Regan.

With their stock prices struggling despite strong profit growth, more big-name companies are trying to set an example for investors: They're channeling cash into buybacks of their own shares. That strategy lit a fire under the stock of Thousand Oaks biotech giant Amgen Inc. on Monday, after the company launched a plan to buy back up to $5 billion of its shares — about 10% of the total outstanding — over the next month. Amgen shares jumped $3.26, or 5.9%, to $58.43 in the biggest one-day gain in 17 months.

Biotech giant Amgen Inc. reported a 63% drop in third-quarter profit compared with the same period last year, but net income for the Thousand Oaks company beat analysts' expectations. Amgen said profit fell partly because it set aside $780 million for a pending legal settlement. The company reported profit of $454 million, or 50 cents a share, during the three months that ended Sept. 30, compared with net income of $1.24 billion, or $1.28, a year earlier. Net income adjusted for the money set aside and other costs was $1.28 billion, or $1.40 a share.

Biotech giant Amgen Inc. is laying off about 380 employees in its research and development division, saying it is restructuring operations to focus on new drugs in later, more expensive stages of development. "We're focusing on therapies that are promising," said Mary Klem, a spokeswoman for the Thousand Oaks company. "It's very expensive to conduct clinical trials. The patient population gets bigger at each phase. That's the crux of what is causing us to make these strategic changes.

Amgen Inc. reported second-quarter profit that topped analysts' estimates on higher drug sales and said 2011 earnings would reach the upper end of its forecast. Net income fell to $1.17 billion, or $1.25 a share, from $1.2 billion, or $1.25, a year earlier, the Thousand Oaks biotechnology company said Friday. Adjusted for acquisitions and restructuring costs, profit of $1.37 beat the average $1.28 estimate of analysts in a Bloomberg survey. Amgen has increased marketing spending to promote denosumab, approved last year as Prolia, for women with osteoporosis, and Xgeva, to reduce fractures in cancer patients.

The sunny side of cycling was showcased Sunday during the final stage of the Amgen Tour of California. And then, away from the crowded streets of Santa Clarita and Thousand Oaks, and away from the big smile of 39-year-old overall winner Chris Horner and Stage 8 winner Matthew Goss, others were tuning in to CBS' "60 Minutes" to see the darker side, where former Olympic gold medalist Tyler Hamilton told of doping with former Tour de France champion...

Thursday's stage: This was the longest stage of the race, 138.9 miles from Seaside to Paso Robles, and it was tough on the legs with four rated climbs. Winner: Peter Sagan of Slovakia and the Italian-based Liquigas-Cannondale team, won the sprint finish. Sagan, 21, seems to favor California. He won two stages here last year, including the penultimate day at Big Bear. Leader's jersey: Chris Horner of Team RadioShack, an elder statesman of the sport (he turns 40 in October)

The Amgen Tour of California is set to roll into the southern half of the state Friday for individual time trials in Solvang, with no weather disruptions expected for the final three days of competition. For details on where and when to watch the race, study the stage maps and logs on the Amgen Tour’s website. Rolling road closures are scheduled 30 minutes before the tour's arrival. Here's what to expect at key sites: -- In Solvang the start line for Stage 6 doubles as the finish line.

Friday it was 64 here 8 p.m. Saturday afternoon it was 50. By Saturday night it was supposed to be 25 and snowing. And on Sunday, the sixth edition of the Amgen Tour of California cycling race is set to begin with a wide open field of veteran racers and eager young challengers. It may also have snow for two days. Sunday's first stage is scheduled to be an 118-mile ride around Lake Tahoe with some ups and downs and perhaps as much as five or six inches of snow on the ground.