Amgen Inc.'s stock continued its climb Wednesday on rumors thatthe Thousand Oaks, Calif.-based company is the target of a takeoverby Bristol-Myers Squibb.

Amgen (NASDAQ:AMGN) jumped $5.37 to close at $70.75, an 8.2percent increase. Trading volume was four times heavier than normalas more than 6 million shares changed hands.

Speculation on a buyout by New York-based Bristol-Myers Squibbhas been circulating on Wall Street for months. The most recentchatter started pushing Amgen's stock up last Friday and since thenthe company has gained $8.88 per share, or 14.3 percent. (SeeBioWorld Today, Feb. 6, 1995, p. 2.)

Analysts said Wednesday's rumors about Amgen suitors also includeSchering-Plough Corp., of Madison, N.J., and Roche Holding Ltd.,of Basel, Switzerland. And in the case of Bristol-Myers Squibb,some analysts said, the speculation has shifted from a friendlytakeover to a hostile bid.

Spokesmen for Amgen and Bristol-Myers Squibb declined commenton the takeover rumors.

Matthew Geller, of Oppenheimer & Co., in New York, said,"There's a lot of underlying value in Amgen and it wouldn't beunreasonable for someone to pay $80 or $90 a share. My sense isthat Amgen doesn't want to be taken over."

Amgen is the biotechnology industry's top company. Two reasons itis considered a potential takeover target are Epogen, which boostsred blood cell production to combat anemia in kidney diseasepatients, and Neupogen, which restores white blood cells in cancerpatients receiving chemotherapy. Last year the products combinedfor more than $1.5 billion in sales.

Bristol-Myers Squibb (NYSE:BMY) closed Wednesday at $60.87,down $1. n

-- Charles Craig

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