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Last Update: 07-Nov-11 10:02 ET
Amgen Announces Results for PRESERVE; Announced Plans to Issue Debt and Buyback Stock
Amgen (AMGN $58.20 +3.03) and Pfizer (PFE) announces results of the second and final period of the PRESERVE trial; treatment With Enbrel shows significant and sustained clinical benefits in RA patients with moderately active disease.
The PRESERVE trial met both its primary and conditional primary endpoints by demonstrating a statistically superior response in moderately active RA patients taking ENBREL 50mg weekly plus MTX or ENBREL 25mg QW plus MTX compared with those taking MTX monotherapy at 88 weeks. Specifically, after achieving LDA at 36 weeks on ENBREL 50mg QW plus MTX, the percentage of patients maintaining LDA at week 88 was significantly higher in the ENBREL 50mg QW (82.6%, primary endpoint) and ENBREL 25mg QW (79.1%, conditional primary endpoint) treatment groups than the MTX- alone group (42.6%, versus either ENBREL group). Additionally, for DAS 28 clinical remission HAQ < 0.5, ACR20/50/70, and European League Against Rheumatism good response, the percentage of patients who achieved these secondary endpoints was significantly higher in the ENBREL treatment groups than the MTX-alone group.
Separately, the company disclosed plans to launch modified Dutch auction tender offer to purchase up to $5 bln of its common stock. The company also announced a public offering of its senior notes, the proceeds of which will be used to fund the tender offer and for general corporate purposes... Amgen will offer to purchase up to $5 billion of Common Stock at a price not greater than $60.00 nor less than $54.00 per share. In accordance with the rules of the Securities and Exchange Commission (SEC), Amgen may increase the number of shares of stock accepted for payment in the offer by no more than 2 percent of the outstanding stock without amending or extending the offer. On Nov. 4, 2011, the closing price of Common Stock was $55.17 per share. The tender offer is expected to commence tomorrow, Nov. 8, 2011, and will expire at 12:00 a.m. EST, on Dec. 7, 2011, unless extended.
The PRESERVE trial met both its primary and conditional primary endpoints by demonstrating a statistically superior response in moderately active RA patients taking ENBREL 50mg weekly plus MTX or ENBREL 25mg QW plus MTX compared with those taking MTX monotherapy at 88 weeks. Specifically, after achieving LDA at 36 weeks on ENBREL 50mg QW plus MTX, the percentage of patients maintaining LDA at week 88 was significantly higher in the ENBREL 50mg QW (82.6%, primary endpoint) and ENBREL 25mg QW (79.1%, conditional primary endpoint) treatment groups than the MTX- alone group (42.6%, versus either ENBREL group). Additionally, for DAS 28 clinical remission HAQ < 0.5, ACR20/50/70, and European League Against Rheumatism good response, the percentage of patients who achieved these secondary endpoints was significantly higher in the ENBREL treatment groups than the MTX-alone group.
Separately, the company disclosed plans to launch modified Dutch auction tender offer to purchase up to $5 bln of its common stock. The company also announced a public offering of its senior notes, the proceeds of which will be used to fund the tender offer and for general corporate purposes... Amgen will offer to purchase up to $5 billion of Common Stock at a price not greater than $60.00 nor less than $54.00 per share. In accordance with the rules of the Securities and Exchange Commission (SEC), Amgen may increase the number of shares of stock accepted for payment in the offer by no more than 2 percent of the outstanding stock without amending or extending the offer. On Nov. 4, 2011, the closing price of Common Stock was $55.17 per share. The tender offer is expected to commence tomorrow, Nov. 8, 2011, and will expire at 12:00 a.m. EST, on Dec. 7, 2011, unless extended.
