Amarin Sets the Record Straight on Sarissa’s Latest Misstatements

Rhea-AI Summary

Amarin Corporation (NASDAQ: AMRN) responded to Sarissa's claims regarding management compensation. The Board clarified that the 2023 compensation plan was approved in February, consistent with prior years, and includes performance-based grants for all employees, including CEO Karim Mikhail. Amarin emphasized that the General Meeting has not yet occurred and that results will be published post-meeting, adhering to SEC guidelines. The company asserts its commitment to transitioning into a diversified cardiometabolic entity and executing its strategic plan to enhance value for shareholders.

Positive

• Compensation plan for 2023 approved in February, maintaining consistency with previous years.
• Inclusion of performance-based grants in management compensation.

Negative

• Response to Sarissa's claims indicates potential governance disputes, which could distract from business focus.

DUBLIN, Ireland and BRIDGEWATER. N.J., Feb. 27, 2023 (GLOBE NEWSWIRE) -- Amarin Corporation plc (NASDAQ: AMRN) (“Amarin” or the “Company”) today issued the following statement in response to Sarissa’s latest misstatements regarding the Company’s management compensation:

The Amarin Board of Directors, consistent with standard public company practice and in line with its fiduciary responsibilities, authorized its management compensation plan for 2023. Contrary to Sarissa’s claims, the timing of the plan approval was in February, which is consistent with previous years. In addition, as part of this year’s compensation plan (like all prior years), all Amarin employees globally received annual performance grants. Sarissa’s comment that Karim Mikhail’s equity grants vest “solely based on the passage of time” is also another misrepresentation of the facts. Mr. Mikhail’s compensation package includes performance-based grants, which are only triggered if performance thresholds are achieved.

Sarissa also insinuates that the Board is “refusing” to release the results of the General Meeting – this is another misrepresentation of the facts. The General Meeting has not occurred yet, and Sarissa and its legal advisors both know that companies do not publicize preliminary results prior to any general meeting, consistent with SEC guidelines. The Board assures shareholders that the results of the General Meeting will be posted in a timely manner following the conclusion of the meeting.

The New Amarin is on the right track toward transforming into a global, diversified cardiometabolic player as we execute a thoughtful and practical strategic plan designed to create value now.

About Amarin
Amarin is an innovative pharmaceutical company leading a new paradigm in cardiovascular disease management. From our foundation in scientific research to our focus on clinical trials, and now our commercial expansion, we are evolving and growing rapidly. Amarin has offices in Bridgewater, New Jersey in the United States, Dublin in Ireland, Zug in Switzerland, and other countries in Europe as well as commercial partners and suppliers around the world. We are committed to increasing the scientific understanding of the cardiovascular risk that persists beyond traditional therapies and advancing the treatment of that risk.

Forward-Looking Statements
This press release contains forward-looking statements which are made pursuant to U.S. federal securities law. These forward-looking statements are not promises or guarantees and involve substantial risks and uncertainties. A further list and description of these risks, uncertainties and other risks associated with an investment in Amarin can be found in Amarin’s filings with the U.S. Securities and Exchange Commission, including Amarin’s annual report on Form 10-K for the full year ended 2021, and Amarin’s quarterly reports on Form 10-Q for the quarters ended March 31, 2022, June 30, 2022, and September 30, 2022, and its other filings. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. Amarin undertakes no obligation to update or revise the information contained in its forward-looking statements, whether as a result of new information, future events or circumstances or otherwise. Amarin’s forward-looking statements do not reflect the potential impact of significant transactions the company may enter into, such as mergers, acquisitions, dispositions, joint ventures or any material agreements that Amarin may enter into, amend or terminate.

Amarin Contact Information

Investor Inquiries:

investor.relations@amarincorp.com (investor inquiries)

Media Inquiries:

PR@amarincorp.com (media inquiries)

Or
Steve Frankel / Andi Rose / Tali Epstein
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449

FAQ

What did Amarin announce on February 27, 2023?

Amarin announced its response to Sarissa's claims regarding management compensation and clarified the approval of their 2023 compensation plan.

What is the significance of the 2023 management compensation plan for Amarin (AMRN)?

The 2023 management compensation plan includes performance-based grants, aimed at aligning incentives with corporate performance.

When will Amarin release the results of the General Meeting?

Amarin stated that the results of the General Meeting will be disclosed in a timely manner after the meeting concludes.

What claims were made by Sarissa regarding Amarin's management compensation?

Sarissa claimed that the compensation plan's approval was unusual and misrepresented the nature of equity grants for management.