Amgen Preparing Offering of Debentures Overseas

Amgen said it has started preparing for a $50-million offering of subordinated convertible debentures to investors overseas, mainly in Europe.

A convertible debenture is an unsecured bond that ultimately may be exchanged for stock in a company. Amgen, a Thousand Oaks biotechnology company, is being assisted in preparing the offering by Morgan Stanley International.

Earlier this month, the U.S. Food and Drug Administration approved the sale of Amgen’s biotechnology drug erythropoietin, a long-awaited protein that treats chronic anemia in patients with kidney disease.