Amarin Corp Plc - AMRN STOCK NEWS

Sarissa Capital Management is urging Amarin Corporation (NASDAQ: AMRN) shareholders to support their nominees for the board and remove Chairman Per Wold-Olsen at the upcoming general meeting on February 22, 2023. They emphasize the 64% stock decline in 2022, which resulted in over $840 million lost in shareholder value due to alleged mismanagement. Sarissa argues that adding their nominees will help maximize shareholder value based on their successful track record in the healthcare sector. They contend that the current leadership is obstructing accountability and shareholder representation, further advocating for the vote before key deadlines.

Amarin Corporation plc (NASDAQ: AMRN) has filed definitive proxy materials with the SEC for its upcoming General Meeting on February 28, 2023. Shareholders are urged to vote "AGAINST" Sarissa Capital Management's proxy proposals, arguing that Sarissa lacks a constructive plan and has presented an underqualified slate of nominees. Over the past 18 months, Amarin has revamped its leadership and board, focusing on geographic expansion and enhancing operational efficiency. The company is confident in achieving up to $1 billion in revenue opportunities through its strategies, despite facing generic competition in the U.S.

Amarin Corporation (NASDAQ: AMRN) announced that Medsafe in New Zealand has granted regulatory approval for VAZKEPA (icosapent ethyl) to reduce cardiovascular (CV) event risks in statin-treated adults with high CV risk and elevated triglycerides. This marks the seventh approval for the VASCEPA/VAZKEPA franchise in key international markets since 2022. Cardiovascular disease significantly impacts New Zealand, with about 175,000 adults affected. Amarin is now seeking commercialization partners to support VAZKEPA's introduction in New Zealand.

Amarin Corporation plc (NASDAQ:AMRN) announced that CEO Karim Mikhail will participate in the SVB Securities Global Biopharma Conference, scheduled for February 14, 2023, at 10:40 a.m. ET. This virtual conference will span from February 13-16, 2023. The presentation will be available via webcast and will be archived on the company's website.

Amarin focuses on cardiovascular disease management and is committed to advancing treatment options.

Amarin Corporation plc (NASDAQ:AMRN) responds to Sarissa Capital's intervention, highlighting a comprehensive and independent board refreshment process. Amarin emphasizes its recognition of shareholder frustration due to U.S. IP losses and outlines a new strategy alongside a revamped management team. The board has successfully negotiated pricing for VAZKEPA® in five European markets and has secured six international regulatory approvals. Despite facing generic competition, Amarin maintains approximately 60% market share, a competitive advantage in the industry. The company aims to continue stabilizing revenue and advancing its fixed-dose combination program.

Sarissa Capital Management has expressed deep concern over Amarin's board governance, highlighting the absence of shareholder representation. In 2022, Amarin's stock plummeted by over two-thirds, translating to a loss of more than $840 million in equity for its shareholders. Key issues include delays in the European launch, challenges in securing reimbursement in Germany, and ineffective management responses that led to significant capital destruction. Sarissa, as Amarin's largest shareholder, is pushing for a special meeting to remove Chairman Per Wold-Olsen and appoint new directors to enhance shareholder interests.

Amarin Corporation (NASDAQ:AMRN) announced a requisition by Sarissa Capital Management to convene a Special Meeting of Shareholders. The Company reported significant operational progress and a 70% refreshment of its Board of Directors, enhancing expertise in finance and global commercialization. Positive developments include successful pricing and reimbursement strategies in Europe, stabilization in the U.S. market, and improved cash flow of $4 million in Q4 2022. Amarin is focused on achieving $100 million in cost reductions by mid-2023. A proxy contest with Sarissa may disrupt ongoing strategic efforts.

Sarissa Capital Management is calling for drastic changes to the Amarin Corporation board, citing a lack of credibility and responsiveness to shareholder concerns. Following a shareholder meeting where mistrust towards the board was evident, Sarissa expressed disappointment that their nominee suggestions were ignored. The board's recent acknowledgment of the need for refreshment is seen as insufficient. Sarissa is pursuing a special meeting to add seven directors and remove Chairman Per Wold-Olsen. They warn of legal action if their shareholder rights are obstructed.

Amarin Corporation plc (NASDAQ:AMRN) reported a preliminary revenue of $88-$90 million for Q4 2022, totaling $367-$369 million for the full year, marking the fourth consecutive quarter of revenue stabilization in the U.S. Cash reserves stand at approximately $310 million, with a positive cash flow of $4 million in Q4. The company continues to make progress in European markets, securing positive reimbursement decisions in five countries and pursuing negotiations in others. The CEO emphasized a focus on growth and adaptation to market conditions.