Amgen Completes $10 Billion of Share Repurchases

March 8, 2018

S&C client Amgen Inc. announced the final results of its modified Dutch auction tender offer. Amgen accepted for purchase 52,083,333 shares at a purchase price of $192 per share for a total cost of approximately $10 billion, excluding fees and expenses related to the tender offer.

 As a result of the Tax Cuts and Jobs Act's deemed repatriation tax, Amgen gained immediate, global access to its entire $41.7 billion balance of cash, cash equivalents and marketable securities, which were used to fund the offer and thereby return capital to shareholders. The S&C team on the transaction was led by Frank Aquila and Matthew Hurd. Catherine Clarkin and Jared Fishman advised on securities matters, along with James Simpson and Jennifer Lee. Jeffrey Hochberg and Eric Wang advised on tax matters, along with Saul Brander and Lauren Citrome.