S&P: Amgen unchanged

Standard & Poor's said the proposed acquisition of Abgenix Inc. by Amgen Inc. (A+/stable/A-1) will have no effect on the Amgen rating or outlook.

Although the purchase is all cash and Amgen will assume existing Abgenix debt, credit measures will remain quite strong for the rating, with pro forma lease-adjusted total debt to EBITDA rising to only 0.9 times from 0.7 times, S&P said.

Amgen expects that the merger will cause a modest negative impact on earnings over the next two years, S&P added.

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