Amgen Inc. will pay $95 million to settle a class action lawsuit, the company announced Wednesday.

The suit was filed on behalf of shareholders who purchased Amgen stock from April 22, 2004 through May 10, 2007 and sought to recover damages for certain statements made by the Thousand Oaks biotech.

Amgen believes the lawsuit has no merit and emphasizes the settlement is not an admission of guilt but to avoid prolonged litigation.

The case was reviewed by the United States District Court for the Central District of California, and the settlement is subject to court approval.

Amgen shares closed up 94 cents, or less and 1 percent, to $164.19 on the Nasdaq.