AMGEN INC
8-K, 1995-03-07
BIOLOGICAL PRODUCTS, (NO DIAGNOSTIC SUBSTANCES)
Previous: COCA COLA BOTTLING CO CONSOLIDATED /DE/, 424B2, 1995-03-07
Next: OPPENHEIMER TARGET FUND, N-30D, 1995-03-07









                         SECURITIES AND EXCHANGE COMMISSION

                               WASHINGTON, D.C.  20549

                                      FORM 8-K

                  Current Report Pursuant to Section 13 or 15(d) of
                             The Securities Act of 1934



          Date of Report (Date of earliest event reported)
          February 21, 1995
          -----------------



                                     Amgen Inc.
          -------------------------------------------------------------
               (Exact name of registrant as specified in its charter)



          Delaware                 0-12477        95-3540776
          -------------------------------------------------------------
          (State or other          (Commission    (I.R.S. Employer
              jurisdiction         File Number)   Identification No.)
          of incorporation)



          1840 Dehavilland Drive, Thousand Oaks, California  91320-1789
          -------------------------------------------------------------
               (Address of principal executive offices)          (Zip Code)



          Registrant's telephone number, including area code
          (805) 447-1000
          --------------



          --------------------------------------------------------------
          (Former name or former address, if changed since last report.)


          <PAGE>



          Item 5.   OTHER EVENTS
                    ------------



               On February 21, 1995, Amgen Inc. (the "Company") amended its

          Rights Agreement dated as of January 24, 1989 by and between  the

          Company and American  Stock Transfer &  Trust Company, as  Rights

          Agent, as amended.  Copies of the amendment and the press release

          announcing the amendment are attached hereto as Exhibits 7.1  and

          7.2, respectively, and are incorporated herein by reference.



          Item 7.   EXHIBITS
                    --------



               7.1  Third Amendment to Rights Agreement between Amgen Inc.

                    and American Stock Transfer & Trust Company



               7.2  Press Release issued by Amgen Inc. dated

                    February 21, 1995



                                     Signatures
                                     ----------


          Pursuant to the  requirements of the  Securities Exchange Act  of
          1934, the registrant has duly caused this report to be signed  on
          its behalf by the undersigned hereunto duly authorized.


                                   Amgen Inc.
                                   --------------------------------------
                                   (Registrant)


          March 6, 1995                 /s/ Robert S. Attiyeh
          ----------------------        ---------------------------------
          (Date)                        (Signature)






                                        Robert S. Attiyeh
                                        Senior Vice President,
                                        Finance and Corporate Development,
                                        and Chief Financial Officer





                                     EXHIBIT 7.1

                         THIRD AMENDMENT TO RIGHTS AGREEMENT
                         -----------------------------------

               AMENDMENT, dated  as of  February 21,  1995, to  the  Rights
          Agreement, dated as of  January 24, 1989,  between Amgen Inc.,  a
          Delaware corporation (the "Company"), and American Stock Transfer
          & Trust Company, as Rights Agent (the "Rights Agent"), as amended
          by the First Amendment to Rights  Agreement, dated as of  January
          22, 1991, between the Company and the Rights Agent and the Second
          Amendment to Rights Agreement, dated as of April 2, 1991, between
          the Company  and the  Rights Agent  (as so  amended, the  "Rights
          Agreement").

                                      RECITALS
                                      --------

               The Company and  the Rights Agent  have heretofore  executed
          and entered into the Rights Agreement.  Pursuant to Section 27 of
          the Rights Agreement, the Company and  the Rights Agent may  from
          time to time supplement or amend the Rights Agreement.  All  acts
          and things necessary  to make this  Amendment a valid  agreement,
          enforceable according to its terms, have been done and performed,
          and the execution and delivery of  this Amendment by the  Company
          and the Rights Agent have been in all respects duly authorized by
          the Company and the Rights Agent.

                                      AGREEMENT
                                      ---------

               In consideration of the foregoing and the mutual  agreements
          set forth herein, the parties hereto agree as follows:

               1.      Section  1(a)  of  the Rights  Agreement  is  hereby
          modified and amended by deleting the percentage "15%" in each  of
          the first and  second (including the  proviso thereto)  sentences
          thereof and substituting the percentage "10%" therefor.

               2.    Section 1 of the  Rights Agreement  is hereby further
          modified and  amended by  deleting paragraph (e) thereof  in its
          entirety,  by  adding  the  following  paragraph  in  the  proper
          location:

                    "Exchange Act" shall mean the Securities  Exchange
               Act of 1934, as amended."

          and by relettering paragraphs (f) through (n) accordingly.

               3.    (a)  Section  3(a) of the  Rights Agreement is  hereby
          modified and  amended by  deleting the  percentage "15%"  in  the
          first sentence  thereof  and substituting  the  percentage  "10%"
          therefor.   The  Form of  Right  Certificate attached  hereto  as
          Exhibit A shall be substituted for the Form of Right  Certificate
          attached as Exhibit A to the Rights Agreement and referred to  in
          Section 3(a) thereof.

          <PAGE>

                    (b)  The  Summary of Rights  to Purchase Common  Shares
          attached hereto as Exhibit B shall be substituted for the Summary
          of Rights to Purchase Common Shares attached as Exhibit B to  the
          Rights Agreement and referred to in Section 3(b) thereof.

               4.  Section 23(b) of the Rights Agreement is hereby modified
          and amended to read in its entirety as follows:

                    (b)  The Board of Directors of the Company may, at  its
               option, at any time prior to the earliest of (i) the  Shares
               Acquisition Date; or (ii) the Final Expiration Date,  redeem
               all but not less than all  the then outstanding Rights at  a
               redemption price of $.01  per Right, appropriately  adjusted
               to reflect  any  stock  split,  stock  dividend  or  similar
               transaction  occurring   after   January  24,   1989   (such
               redemption  price  being  hereinafter  referred  to  as  the
               "Redemption Price"), and the Company may, at its option, pay
               the Redemption Price in Common Shares (based on the "current
               per share market price," as defined in Section 11(d) hereof,
               of the Common Shares at the time of redemption), cash or any
               other form of consideration deemed appropriate by the  Board
               of Directors.  The redemption of the Rights by the Board  of
               Directors may be made effective at such time, on such  basis
               and subject to such conditions as the Board of Directors  in
               its sole discretion may establish.  Notwithstanding anything
               contained in  this Agreement  to  the contrary,  the  Rights
               shall not  be  exercisable  pursuant  to  Section  11(a)(ii)
               hereof  prior  to  the  expiration  or  termination  of  the
               Company's right of redemption hereunder.

               5.  Section 27  of the Rights  Agreement is hereby  modified
          and amended by deleting the second sentence thereof.

               6.  If any term, provision, covenant or restriction of  this
          Amendment is held by a court  of competent jurisdiction or  other
          authority to be invalid, void or unenforceable, the remainder  of
          the  terms,  provisions,  covenants  and  restrictions  of   this
          Amendment, and the Rights Agreement,  shall remain in full  force
          and  effect  and  shall  in  no  way  be  affected,  impaired  or
          invalidated.

               7.  This  Amendment shall be  deemed to be  a contract  made
          under the laws  of the  State of  Delaware and  for all  purposes
          shall be governed by and construed in accordance with the laws of
          such State  applicable  to contracts  to  be made  and  performed
          entirely within such State.

               8.   This  Amendment  may  be  executed  in  any  number  of
          counterparts and each of such counterparts shall for all purposes
          be deemed  to be  an original,  and all  such counterparts  shall
          together constitute but one and the same instrument.

                             [SIGNATURE PAGE TO FOLLOW]

                                         -2-
          <PAGE>


               9.   In all  respects not  inconsistent with  the terms  and
          provisions of  this Amendment,  the  Rights Agreement  is  hereby
          ratified, adopted,  approved and  confirmed.   In  executing  and
          delivering this Amendment, the Rights Agent shall be entitled  to
          all the privileges  and immunities afforded  to the Rights  Agent
          under the terms and conditions of the Rights Agreement.

               IN WITNESS  WHEREOF, the  parties  hereto have  caused  this
          Amendment to be duly executed, all as of the date and year  first
          above written.

                                             AMGEN INC.

                                             /s/ Thomas E. Workman, Jr.
                                             ----------------------------
                                             Name: Thomas E. Workman, Jr.
                                             Title: Vice President,
                                             Secretary and General Counsel


                                              AMERICAN STOCK TRANSFER &
                                              TRUST COMPANY

                                              /s/ Herbert J. Lemmer
                                              ----------------------------
                                              Name: Herbert J. Lemmer
                                              Title: Vice President,
                                              Legal Counsel

                                         -3-

          <PAGE>


                                      EXHIBIT A
                                     -----------

                              Form of Right Certificate


          Certificate No.R-                           _______________Rights

                    NOT EXERCISABLE AFTER  JANUARY 24, 1999  OR EARLIER  IF
                    NOTICE OF REDEMPTION  IS GIVEN OR  IF EXCHANGE  OCCURS.
                    THE RIGHTS ARE SUBJECT TO REDEMPTION AT $.01 PER  RIGHT
                    (SUBJECT TO  ADJUSTMENT  FOR CERTAIN  EVENTS  OCCURRING
                    AFTER JANUARY 24,  1989) AND TO  EXCHANGE ON THE  TERMS
                    SET FORTH IN THE RIGHTS AGREEMENT.


                                  Right Certificate

                                     AMGEN INC.

               This  certifies that ______________________,  or  registered
          assigns, is  the registered  owner of  the number  of Rights  set
          forth above, each of which entitles the owner thereof, subject to
          the terms,  provisions and  conditions of  the Rights  Agreement,
          dated as  of January  24, 1989,  between Amgen  Inc., a  Delaware
          corporation (the "Company"), and American Stock Transfer &  Trust
          Company (the "Rights Agent"), as  amended by the First  Amendment
          to Rights Agreement, dated  as of January  22, 1991, between  the
          Company and the Rights Agent, by  the Second Amendment to  Rights
          Agreement, dated as of April 2, 1991, between the Company and the
          Rights Agent, and  by the  Third Amendment  to Rights  Agreement,
          dated as of February 21, 1995, between the Company and the Rights
          Agent (as so amended, the  "Rights Agreement"), to purchase  from
          the Company at any time after the Distribution Date (as such term
          is defined in the Rights Agreement)  and prior to 5:00 P.M.,  New
          York City time, on January 24,  1999 at the office of the  Rights
          Agent designated  for  such purpose,  or  at the  office  of  its
          successor as Rights Agent,  one fully paid, non-assessable share
          of  Common  Stock,  par  value  $.0001  per  share  (the  "Common
          Shares"), of the Company, at a purchase price of $480 per  Common
          Share (the "Purchase Price"), upon presentation and surrender  of
          this Right Certificate with the Form of Election to Purchase duly
          executed.    The  number  of  Rights  evidenced  by  this   Right
          Certificate (and  the  number  of  Common  Shares  which  may  be
          purchased upon exercise hereof) set forth above, and the Purchase
          Price set forth above,  are the number and  Purchase Price as  of
          April 2, 1991, based on the Common Shares as constituted at  such
          date.

               As provided in the Rights Agreement, the Purchase Price  and
          the number  of Common  Shares which  may  be purchased  upon  the
          exercise of the  Rights evidenced by  this Right Certificate  are
          subject to  modification and  adjustment  upon the  happening  of
          certain events.

                                       A-1

          <PAGE>


               This Right  Certificate  is subject  to  all of  the  terms,
          provisions and  conditions of  the Rights  Agreement, as  amended
          from time to  time, which  terms, provisions  and conditions  are
          hereby incorporated herein  by reference and  made a part  hereof
          and to which Rights Agreement reference is hereby made for a full
          description of the  rights, limitations  of rights,  obligations,
          duties and immunities hereunder of the Rights Agent, the  Company
          and the holders of the Right Certificates.  Copies of the  Rights
          Agreement are on file at the  principal executive offices of  the
          Company and the above-mentioned offices of the Rights Agent.

               This  Right  Certificate,  with   or  without  other   Right
          Certificates, upon surrender  at the office  of the Rights  Agent
          designated for such purpose, may  be exchanged for another  Right
          Certificate  or  Right  Certificates  of  like  tenor  and   date
          evidencing  Rights  entitling  the  holder  to  purchase  a  like
          aggregate number of Common Shares as the Rights evidenced by  the
          Right Certificate or  Right Certificates  surrendered shall  have
          entitled such  holder to  purchase.   If this  Right  Certificate
          shall be  exercised in  part, the  holder  shall be  entitled  to
          receipt upon surrender hereof another Right Certificate or  Right
          Certificates for the number of whole Rights not exercised.

               Subject to the provision of the Rights Agreement, the Rights
          evidenced by this Right  Certificate (i) may  be redeemed by  the
          Company at  a redemption  price of  $.01  per Right,  subject  to
          adjustment for certain events after January 24, 1989, or (ii) may
          be exchanged in whole or in part for Common Shares.

               No fractional Common Shares will be issued upon the exercise
          of any Right or  Rights evidenced hereby, but  in lieu thereof  a
          cash payment will be made, as provided in the Rights Agreement.

               No holder of  this Right  Certificate shall  be entitled  to
          vote or receive dividends or be deemed for any purpose the holder
          of the Common Shares  or of any other  securities of the  Company
          which may at  any time be  issuable on the  exercise hereof,  nor
          shall anything contained  in the  Rights Agreement  or herein  be
          construed to confer upon the holder  hereof, as such, any of  the
          rights of a stockholder of the  Company or any right to vote  for
          the election  of  directors  or  upon  any  matter  submitted  to
          stockholders at  any  meeting thereof,  or  to give  or  withhold
          consent to any corporate action, or to receive notice of meetings
          or other actions  affecting stockholders (except  as provided  in
          the Rights Agreement),  or to receive  dividends or  subscription
          rights, or otherwise, until the Right or Rights evidenced by this
          Right Certificate shall  have been exercised  as provided in  the
          Rights Agreement.

               This Right Certificate shall not be valid or obligatory  for
          any purpose until it shall have been countersigned by the  Rights
          Agent.

                                            A-2

          <PAGE>


               WITNESS the facsimile  signature of the  proper officers  of
          the Company and  its corporate seal.   Dated  as of  ___________,
          19_____.


          ATTEST:                                  AMGEN INC.


          By:____________________                  By:____________________

                                                   Title__________________


          Countersigned:

          AMERICAN STOCK TRANSFER & TRUST COMPANY,
          as Rights Agent


          By:______________________________
               Authorized Signature

                                         A-3

          <PAGE>


                      Form of Reverse Side of Right Certificate

                                 FORM OF ASSIGNMENT
                                 ------------------

               (To be  executed by  the registered  holder if  such  holder
          desires to transfer the Right Certificate.)

          FOR  VALUE  RECEIVED_______________hereby  sells,  assigns   and
          transfers unto__________________________________________________
                          (Please print name and address of transferee)

          -----------------------------------------------------------------
          
          this Right Certificate, together  with right, title and  interest
          therein,   and   does    hereby   irrevocably   constitute    and
          appoint_________________________Attorney, to transfer the  within
          Right Certificate on the books of the within-named Company,  with
          full power of substitution.


          Dated:________________________, 19_______

                                      __________________________________
                                      Signature



          Signature Guaranteed:

               Signatures  must  be  guaranteed  by  a  member  firm  of  a
          registered national securities exchange, a member of the National
          Association of Securities Dealers, Inc., or a commercial bank  or
          trust company having  an office  or correspondent  in the  United
          States.

          -----------------------------------------------------------------

                                    CERTIFICATION
                                    -------------

               The undersigned hereby certifies  that the Rights  evidenced
          by this  Right  Certificate  are not  beneficially  owned  by  an
          Acquiring Person or an Affiliate or Associate thereof (as defined
          in the Rights Agreement).


                                     ___________________________________
                                     Signature

                                          A-4

          <PAGE>

               Form of Reverse Side of Right Certificate -- continued

                             FORM OF ELECTION TO PURCHASE
                             ----------------------------

                              (To be executed if holder
                              desires to  exercise  the
                              Right Certificate.)

          To AMGEN INC.:

               The undersigned hereby irrevocably elects to exercise
          ________ Rights represented by this Right Certificate to
          purchase the Common Shares issuable upon the exercise of such
          Rights and requests that certificates for such Common Shares be
          issued in the name of:

               Please insert social security
               or other identifying number:___________________________


          -----------------------------------------------------------------
                           (Please print name and address)

          -----------------------------------------------------------------

          If such number of Rights shall not be all the Rights evidenced by
          this Right Certificate, a new  Right Certificate for the  balance
          remaining of such Rights shall be  registered in the name of  and
          delivered to :

          Please   insert    social   security    or   other    identifying
          number:___________________________


          -----------------------------------------------------------------
                           (Please print name and address)

          -----------------------------------------------------------------

          Dated:_____________________, 19 _____


                                         ----------------------------------
                                         Signature


          Signature Guaranteed:

               Signatures  must  be  guaranteed  by  a  member  firm  of  a
          registered national securities exchange, a member of the National
          Association of Securities Dealers, Inc., or a commercial bank  or
          trust company having  an office  or correspondent  in the  United
          States.

                                           A-5

          <PAGE>


          Form of Reverse Side of Right Certificate -- continued

          -----------------------------------------------------------------

                                    CERTIFICATION
                                    -------------

               The undersigned hereby certifies  that the Rights  evidenced
          by this  Right  Certificate  are not  beneficially  owned  by  an
          Acquiring Person or an Affiliate or Associate thereof (as defined
          in the Rights Agreement).


                                              -----------------------------
                                              Signature


          -----------------------------------------------------------------

                                       NOTICE
                                       ------

               The signature in the Form of Assignment or Form of  Election
          to Purchase, as  the case  may be, must  conform to  the name  as
          written  upon  the  face  of  this  Right  Certificate  in  every
          particular, without  alteration  or  enlargement  or  any  change
          whatsoever.

               In the event the certification set  forth above in the  Form
          of Assignment or the  Form of Election to  Purchase, as the  case
          may be, is not completed, the  Company and the Rights Agent  will
          deem the beneficial owner of the  Rights evidenced by this  Right
          Certificate  to  be  an  Acquiring  Person  or  an  Affiliate  or
          Associate thereof (as defined in  the Rights Agreement) and  such
          Assignment or Election to Purchase will not be honored.

                                          A-6

          <PAGE>


                                      EXHIBIT B
                                      ---------

                            SUMMARY OF RIGHTS TO PURCHASE
                                    COMMON SHARES
                        AS AMENDED THROUGH FEBRUARY 21, 1995

               On January 24, 1989,  the Board of  Directors of Amgen  Inc.
          (the "Company") declared a dividend of one common share  purchase
          right (a "Right") for each outstanding share of common stock, par
          value $.0001 per  share (the  "Common Shares"),  of the  Company.
          The dividend was paid on February 8, 1989 (the "Record Date")  to
          the stockholders of record on that date, and a Right  accompanied
          each Common Share issued  after that date.   Each Right  entitles
          the registered holder  to purchase  from the  Company one  Common
          Share of the Company,  at a price of  $480 per Common Share  (the
          "Purchase Price"),  subject  to  adjustment  for  certain  events
          occurring after April 2, 1991.  The description and terms of  the
          Rights are set forth in a Rights Agreement, as amended by a First
          Amendment to Rights Agreement, dated as of January 22, 1991, by a
          Second Amendment to Rights Agreement, dated as of April 2,  1991,
          and by  a  Third  Amendment to  Rights  Agreement,  dated  as  of
          February 21,  1995  (as  so  amended,  the  "Rights  Agreement"),
          between the Company and American Stock Transfer & Trust  Company,
          as Rights Agent (the "Rights Agent").

               Until the earlier to occur of (i) 10 days following a public
          announcement that  a person,  entity or  group of  affiliated  or
          associated  persons   (an  "Acquiring   Person")  have   acquired
          beneficial ownership of  10% or  more of  the outstanding  Common
          Shares or (ii)  10 business days  (or such later  date as may  be
          determined by action of the Board of Directors prior to such time
          as any person  or entity becomes  an Acquiring Person)  following
          the commencement of, or announcement of  an intention to make,  a
          tender offer or exchange offer,  the consummation of which  would
          result in the beneficial ownership by a person or group of 10% or
          more such outstanding  Common Shares (the  earlier of such  dates
          being  called  the  "Distribution  Date"),  the  Rights  will  be
          evidenced, with respect to any  of the Common Share  certificates
          outstanding  as  of  the  Record  Date,  by  such  Common   Share
          certificate with  a  copy  of this  Summary  of  Rights  attached
          thereto.

               The Rights Agreement provides  that, until the  Distribution
          Date, the  Rights will  be transferred  with  and only  with  the
          Common  Shares.    Until   the  Distribution  Date  (or   earlier
          redemption  or  expiration  of  the  Rights),  new  Common  Share
          certificates issued after the Record  Date, upon transfer or  new
          issuance of Common Shares, will contain a notation  incorporating
          the Rights Agreement by reference.   Until the Distribution  Date
          (or  earlier  redemption  or  expiration  of  the  Rights),   the
          surrender for  transfer of  any  certificates for  Common  Shares
          outstanding as of the Record Date, even without such notation  or
          a copy of  this Summary of  Rights being  attached thereto,  will
          also constitute the  transfer of the  Rights associated with  the
          Common Shares  represented  by  such certificate.    As  soon  as
          practicable   following   the    Distribution   Date,    separate
          certificates evidencing the Rights ("Right Certificates") will be
          mailed to holders of record of the Common Shares as of the  close
          of business  on the  Distribution Date  and such  separate  Right
          Certificates alone will evidence the Rights.

                                          B-1

          <PAGE>


               The Rights are not exercisable until the Distribution  Date.
          The Rights will expire on January 24, 1999 (the "Final Expiration
          Date"), unless the  Final Expiration Date  is extended or  unless
          the Rights are earlier redeemed by the Company, in each case,  as
          described below.

               The Purchase Price payable, and the number of Common  Shares
          or other securities  or property issuable,  upon exercise of  the
          Rights are subject to adjustment from time to time after April 2,
          1991 to prevent dilution (i) in the event of a stock dividend on,
          or a subdivision, combination or reclassification of, the  Common
          Shares, (ii) upon the  grant to holders of  the Common Shares  of
          certain rights or  warrants to subscribe  for or purchase  Common
          Shares at a price, or  securities convertible into Common  Shares
          with a conversion price, less than the then current market  price
          of the Common Shares or (iii) upon the distribution to holders of
          the  Common  Shares  of  evidences  of  indebtedness  or   assets
          (excluding regular periodic cash  dividends paid out of  earnings
          or retained earnings or dividends payable in Common Shares) or of
          subscription rights  or warrants  (other than  those referred  to
          above).  The exercise of Rights for Common Shares is at all times
          subject to the availability of a sufficient number of  authorized
          but unissued Common Shares.

               In the event  that any person  becomes an Acquiring  Person,
          proper provision shall be  made so that each  holder of a  Right,
          other than  Rights beneficially  owned  by the  Acquiring  Person
          (which will thereafter be void), will  have the right to  receive
          upon exercise that number of Common Shares having a market  value
          of two times the Purchase Price of the Right (or, if such  number
          of shares is not  authorized, the Company  may issue cash,  debt,
          stock, or  a combination  thereof in  exchange for  the  Rights).
          This right will  terminate 60 days  after the date  on which  the
          Rights become nonredeemable (as described below), unless there is
          an injunction or similar obstacle to  exercise of the Rights,  in
          which event this right  will terminate 60  days after the  Rights
          again become exercisable.

               In the event  that the Company  is acquired in  a merger  or
          other business  combination transaction  or 50%  or more  of  its
          consolidated assets or earning  power are sold, proper  provision
          will be made so that each holder of a Right will thereafter  have
          the right  to receive,  upon the  exercise  thereof at  the  then
          current exercise price  of the Right,  that number  of shares  of
          common stock of the acquiring company  which at the time of  such
          transaction will have a  market value of  two times the  exercise
          price of the Right.

               At any time after  the acquisition by a  person or group  of
          affiliated or associated persons  of beneficial ownership of  10%
          or more  of  the  outstanding Common  Shares  and  prior  to  the
          acquisition by  such  person or  group  of  50% or  more  of  the
          outstanding Common Shares, the Board of Directors of the  Company
          may exchange the Rights (other than  Rights owned by such  person
          or group which  have become  void), in whole  or in  part, at  an
          exchange ratio of one Common Share  per Right (or, if the  number
          of shares is not  authorized, the Company  may issue cash,  debt,
          stock or  a  combination thereof  in  exchange for  the  Rights),
          subject to adjustment.

                                           B-2

          <PAGE>


               With certain exception, no adjustment in the Purchase  Price
          will  be  required  until   cumulative  adjustments  require   an
          adjustment of at least 1% in such Purchase Price.  No  fractional
          Common Shares will be issued and  in lieu thereof, an  adjustment
          in cash will  be made  based on the  market price  of the  Common
          Shares on the last trading day prior to the date of exercise.

               At any time  prior to  the earliest of  (i) the  day of  the
          first public announcement that a  person has become an  Acquiring
          Person; or (ii) the Final Expiration Date, the Board of Directors
          of the Company may redeem the  Rights in whole, but not in  part,
          at a price of $.01 per  Right, subject to adjustment for  certain
          events occurring after January 24, 1989 (the "Redemption Price").
          Following the  expiration of  these  periods, the  Rights  become
          nonredeemable.

               The terms  of the  Rights may  be amended  by the  Board  of
          Directors of the Company  without the consent  of the holders  of
          the Rights, except that  from and after such  time as any  person
          becomes an  Acquiring  Person  no such  amendment  may  adversely
          affect the interests of the holders of the Rights.

               Until a Right  is exercised,  the holder  thereof, as  such,
          will have no rights as a  stockholder of the Company,  including,
          without limitation, the right to vote or to receive dividends.

               A copy  of the  Rights Agreement  has  been filed  with  the
          Securities and Exchange  Commission ("SEC")  as an  Exhibit to  a
          Current Report on Form 8-K dated January 24, 1989, a copy of the
          First Amendment to Rights Agreement has  been filed with the  SEC
          as an Exhibit to a Current  Report on Form 8-K dated January 22,
          1991, a copy of the Second Amendment to Rights Agreement has been
          filed with the SEC as an Exhibit to a current report on Form  8-K
          dated April 2, 1991 and a  copy of the Third Amendment to  Rights
          Agreement has been filed with the SEC as an Exhibit to a  current
          report on Form 8-K dated February 21, 1995.  Copies of the Rights
          Agreement, the First  Amendment to Rights  Agreement, the  Second
          Amendment to Rights Agreement and  the Third Amendment to  Rights
          Agreement are available free of charge by writing to:   Corporate
          Secretary, Amgen  Inc., 1840  DeHavilland Drive,  Thousand  Oaks,
          California 91320.   This summary description  of the Rights  does
          not purport to be  complete and is qualified  in its entirety  by
          reference to the Rights  Agreement, which is hereby  incorporated
          herein by reference.

                                           B-3



                                     EXHIBIT 7.2
                                                                     [LOGO]

                                                               NEWS RELEASE

                           [AMGEN NEWS RELEASE LETTERHEAD]


                              AMGEN AMENDS COMMON STOCK
                              PURCHASE RIGHTS AGREEMENT

          Investor Contact:                    Media Contact:
          ----------------                     --------------
          Sarah H. Crampton                    David Kaye
          Director, Investor Relations and     Manager, Product
          Corporate Communications             Communications
          (805) 447-1659                       (805) 447-6692


          FOR IMMEDIATE RELEASE

          THOUSAND OAKS, Calif., February 21, 1995 -- Amgen today announced
          that its Board of Directors has adopted amendments to its Common
          Stock Purchase Rights Agreement.  The amendments are effective
          immediately.

          The amendment reduces from 15 percent to 10 percent the stock
          ownership threshold at which the rights "flip-in".  Once the
          "flip-in" provision is triggered, current stockholders have the
          right to buy Amgen stock at one-half the market price.  As
          amended, the rights, which are not currently exercisable, would
          become exercisable only if a person or group acquires 10 percent
          or more of Amgen's stock or announces a tender offer for 10
          percent or more of its stock.  Currently no stockholder owns more
          than 5 percent of Amgen's stock.

          The second amendment eliminates the Board's authority to redeem
          the rights once a person or group acquires 10 percent or more of
          Amgen stock.  Therefore, the rights will now become automatically
          exercisable upon the future acquisition of 10 percent or more of
          Amgen's stock by any person or group.  Prior to the amendment,
          the rights could be redeemed during the 20 day period following a
          person or group crossing the relevant threshold.

          The Rights Agreement is not being amended in response to any
          specific effort to acquire control of Amgen.  Rather, the amended
          Rights Agreement is intended to ensure that all Amgen
          stockholders receive fair and equal treatment in the event of any
          proposed takeover of Amgen.  It also guards against partial
          tender offers, open market accumulations of 10 percent or more,
          and other abusive tactics to gain control of Amgen without
          negotiating with the Board of Directors.


                                      -MORE-
         
          <PAGE>


          AMGEN AMENDS COMMON STOCK PURCHASE RIGHTS AGREEMENT
          Page 2 of 2

          "Although we have received no overtures concerning an
          acquisition, given the recurrent takeover rumors involving Amgen
          and the recent volatility of the stock caused by such rumors, the
          Board of Directors believes that the amendments will enhance the
          ability of the Board to protect stockholder value.  The Board of
          Directors today also reaffirmed its earlier determination that
          the best way to deliver stockholder value is for Amgen to pursue
          its long-term business plan as an independent entity," said
          Gordon M. Binder, chairman of the board and chief executive
          officer of Amgen.

          Amgen (NASDAQ:AMGN) is a global biotechnology company that
          discovers, develops, manufactures and markets human therapeutics
          based on advanced cellular and molecular biology.

                                      #  #  #


© 2022 IncJournal is not affiliated with or endorsed by the U.S. Securities and Exchange Commission