Amarin Calls Activist Investor, Largest Shareholder Sarissa's Statement 'Inaccurate, Misleading'

Loading...
Loading...
  • Amarin Corporation Plc AMRN reacted to its largest shareholder, Sarissa Capital Management, which said Amarin's recent board refreshment put "no shareholder representatives on the board."
  • Sarissa said in its statement Wednesday that Amarin "has repeatedly overpromised and underdelivered," with the European launch being delayed and reimbursement in Germany appearing to be imperiled.
  • Amarin described Sarissa's published statement as "inaccurate and misleading."
  • The drugmaker said its board refreshment process was "comprehensive, independent and transparent," and Sarissa's candidates "are not qualified" compared with recently appointed board members.
  • Amarin says the board refreshment process has been comprehensive, independent, and transparent.
  • The company also says Sarissa's intervention will lead to distraction, disruption, and destruction of future value.
  • Earlier this month, for Q4 and FY22, Amarin forecasted revenues of $88-$90 million and $367-$369 million, respectively, reflecting ongoing stabilization of the U.S. business for Vascepa (icosapent ethyl).
  • Amarin ended 2022 with approximately $310 million in cash and investments, with a positive cash flow of approximately $4 million in the fourth quarter of 2022.
  • Price Action: AMRN shares are flat at $1.85 on the last check Thursday.
Market News and Data brought to you by Benzinga APIs
Posted In: BiotechNewsPenny StocksHealth CareHedge FundsSmall CapGeneralBriefs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...