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

  • 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.
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