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massulo, we can only go by his past accomplishments which I believe speak for themselves. It may take as little as 6 months or as long as 1 year. Amarin usually sends out their proxy material in April. Last year they delayed the date but keep in mind the proxy rules have changed. They now have what's called a universal proxy which will include both Amarin's BOD and Sarissa's proposed selections with their bios. Denner must receive 67% of the voting shareholders. Not the outstanding shs based on what I've read about the new proxy rules.
jroon, Denner isn't in this stock to make a quick sale. He sees the enormous value and the potential use of Vascepa in many areas of biotherapeutics keep in mind that he has a degree from MIT and a PHD from Yale just for starters.
Lisa, what's your point?? re your open letter to the shareholders. Who should we believe? Really??
http://archive.fast-edgar.com/20230112/AU2ZNQ2CZ22RNZZU222A2ZYOMTPLZZ22ZI52
Filed on: January 12, 2023
pdude, when a company negotiates a deal someone brokers that deal and in Amarin's case it will be JP Morgan they'll evaluate who gets what to make the deal work. It's not written in stone. Surprise, surprise. First they need to get through the proxy fight. Then the fun begins.
Kpdlll. Wow, fabulous. Thanks for sharing. You should cc Denner. Adenner@sarissa.com or info@sarissacap.com
Meowzo, AND what's your point?
ORBAPU, it can't happen without a proxy fight. Denner will win.
oneragman, Ha I sent Amarin an email over a year ago when Denner started accumulating stock and warned them that they will loose if they went against his recommendations. Here we are 1 1/2 yrs later. Stupid people
jroon, his intention is to get this liquid gold one product company packaged and sold to the highest bidder. Sit back and enjoy the ride.
jroon, please research Denner's history you will know the outcome without further questions about his laser focus. He's a pro and light years ahead of PWO.
tke458, you're believing the filings and the empty words of AMRN. We really don't know whose words are true but I can guarantee you that they aren't Amarin's. Why would Amarin allow this situation get to this point? Now there's a proxy fight that will ensue I will guarantee you Amarin will not win. Especially since the infamous Baker Brothers are history. It was a really smart move for Denner to wait it out as the old guard moved out of Amarin and the new WEAK BOD appeared. Oh and by the way the in house legal beagle left the company a couple of months ago. Hello!!! He saw this coming.
http://archive.fast-edgar.com/20230111/AU2ZN22CZ22RNJZU222A2ZYPMTPLZZ22ZI52
They have the b-lls to talk about countries in this Def 14 where they haven't done business for years. Someone should do an outside audit of their lies and clean up the BS they've been talking about for years.
CBB, what I find interesting is that Denner is going after PWO directly square in the gut when he specifically called out his follies. Actually, I have a feeling that Denner will retain KM as the face of the company but we know that the new BOD will call the shots. So if KM doesn't like the direction Denner wants to company in he can leave BUT he will leave over 3mill shares behind if Denner finds a buyer during the interim.
CNBC is talking about DIS and the activist Nelson Peltz seeking a board seat. It's an experience that we will be witnessing soon to play out when the proxies are filed. It will take several months but worth the wait.
Michael, yeah but look who purchased 117,772 shs in the open market, Mr Sterling. One of Denner's nominees to the new Board. He put his money where his mouth is, need I say more? Not one of the current board members put their own money in the open mkt to buy AMRN.
jroon, the damage is done Amarin had over a year to work with Denner. If he wins the proxy fight he will have the opportunity to sack whoever he wants and replace them with his choice depending on which committee the previous board member participated in... so he will have the final say.
knownothing, here here I'll second that post!
They Lie. Where are the revenues from the countries where they've received approval? They conveniently removed Biologix from their financials along with the Mena region eg Lebanon, United Arab, Qatar, Kuwait, Saudi Arabia. Oh and they still include Eddingpharm but that saga started in 2015, 7 years later NADA. They identify and exaggerate many potential regions where they expect approvals and sales. They are not to be trusted. Especially when they appointed the most recent BOD in the middle of the night and then released the PR 6 a.m. yesterday morning. It's obvious that PWO is definitely not to be trusted.
Amarin Comments on Sarissa’s Notice to Call a Special Meeting of Amarin Shareholders
HUGIN 4:33 PM ET 1/11/2023
Symbol Last Price Change
AMRN 1.82up +0.1 (+5.814%)
QUOTES AS OF 04:00:00 PM ET 01/11/2023
Highlights Significant Board Refreshment, Operational and Financial Improvements and Engagement with Sarissa Capital Management
DUBLIN, Ireland and BRIDGEWATER, N.J., Jan. 11, 2023 (GLOBE NEWSWIRE) -- Amarin Corporation plc(AMRN) (“Amarin” or the “Company”) today confirmed receipt of a requisition by Sarissa Capital Management LP (“Sarissa”) to convene a General Meeting of Shareholders (the “Special Meeting”). As appropriate, Amarin(AMRN) will announce the date of the Special Meeting and the record date for shareholders to vote at the Special Meeting in due course, and Amarin(AMRN) shareholders are not required to take any action at this time.
Amarin (AMRN) issued the following statement:
The Company’s preliminary fourth quarter and full year 2022 revenue results provided on January 10, 2023, clearly demonstrate significant progress associated with the Company’s refocused operations. The Company has refreshed approximately 70% of its Board of Directors (“Board”) over the last year, including the appointment of six highly qualified independent directors and the transition of four longer tenured directors. The Board refreshment program has sought to address the changing needs of the Company as it executes its new growth strategy, adding expertise in financial governance, international commercialization, global clinical development and other areas to support the Company’s strategy.
Since Sarissa’s position was made public in November 2021, Amarin(AMRN) has engaged actively with Sarissa. We continue to question Sarissa’s persistent demand for, and expected value contribution from, Board representation, especially in light of the Company’s financial and operational progress and the ongoing Board refreshment program. We believe Sarissa’s proxy contest is misguided, costly and not in the best interest of other Amarin(AMRN) shareholders at this critical time for the Company. Amarin is at a strategic inflection as we are achieving favorable European price and reimbursement decisions, continued stabilization of the U.S. business and progress our international strategy. We believe this contest will create significant disruption and cause considerable harm to the Company’s efforts in driving positive pricing and reimbursement decisions in Europe, continued stabilization of the U.S. business and its international strategy and is detrimental to the Company’s future.
Amarin (AMRN) has made significant progress on its strategic plan and recent cost savings plan.
The Board and leadership team have been executing its strategy of becoming a global, diversified, cardiometabolic player, while demonstrating a stabilization of the Company’s business in the United States. Recent milestones include:
Obtained positive pricing and reimbursement decisions in five European markets: England & Wales, Sweden, Austria, Denmark and Finland.
Engaged in active ongoing reimbursement negotiations to progress in important markets like Spain, Italy, France, and the Netherlands.
Secured six international regulatory approvals, including Hong Kong, Bahrain, Puerto Rico, Saudi Arabia, Australia and Switzerland.
Achieved four consecutive quarters of revenue stabilization in the U.S. business despite additional generic competition.
Progressed our fixed-dose combination (FDC) program for icosapent ethyl, including initiating the process to seek scientific advice from the European Medicines Agency.
Ended 2022 with approximately $310 million in cash and investments, with positive cash flow of approximately $4 million in the fourth quarter of 2022. Amarin’s cash position has improved, in part, due to swift actions to evolve the supply chain strategy and amend supplier agreements to align with current and future demand.Amarin is on track to achieve its goal of $100 million of cost reductions through mid-2023.
Our preliminary fourth quarter and full year 2022 revenue results highlight the significant progress we are making across our key priorities, and we continue to achieve our stated objectives. Most importantly, we have materially reduced our cash burn levels as we focused on operational excellence, strengthened our leadership team and laid the groundwork for a transformational 2023.
Our Board has been overseeing an active and deliberate director refreshment process that commenced in October of 2021 to guide the Company’s new strategic direction.
With the assistance of a renowned global search firm, the Board has appointed six new independent directors within the past year, representing approximately 70% of the Board. Our new directors – Per Wold-Olsen, Adam Berger, Erin Enright, Geraldine Murphy, Dr. Murray Stewart and Chito Zulueta – significantly expand the Board’s expertise across finance, global healthcare and clinical development, critical focus areas for the Company’s strategic objectives. In addition, four longer tenured directors have retired.
The Board has also made significant changes to its leadership, including appointing a new Board Chair and naming new Chairs of all three Board committees.
We have engaged extensively and in good faith with Sarissa.
Contrary to Sarissa’s statements, shortly after Sarissa’s position was made public in November 2021, representatives of Amarin(AMRN) have actively engaged with Sarissa and subsequently followed up on several occasions. Beginning in early March 2022, members of the Amarin Board and management team have engaged with Sarissa in an effort to better understand the firm’s views.
Consistent with our ongoing Board refreshment process and further to our good-faith engagement with Sarissa, the Board expressed its willingness to evaluate candidates Sarissa wished to propose and, on numerous occasions, requested Sarissa share names of potential candidates. Rather than work constructively with the Board, Sarissa waited until shortly prior to Amarin’s 2022 Annual Meeting to then propose five of its own employees as director candidates, a majority of the Board. Furthermore, Sarissa demanded that at least three of these individuals be appointed in a matter of days after the names were disclosed, asking the Board to abandon corporate governance best practices and circumvent our Nominating and Corporate Governance Committee’s established process for evaluating director nominations.
Notwithstanding, after careful consideration of the Sarissa nominees and the interests of all shareholders, the Board identified three of the five candidates as potential candidates for the Nominating and Corporate Governance Committee to interview and who were considered alongside independent candidates the Board identified. Sarissa was kept apprised throughout this process. Neither Sarissa nor any of its director candidates provided any suggestions for steps to advance the Company’s business. At no time during this ongoing process has Sarissa come forward with a detailed business plan or strategy.
Following a comprehensive interview process, the Board unanimously determined to appoint Adam Berger and Geraldine Murphy, who each bring unmatched expertise across investment banking and healthcare manufacturing, supply chain, P&L management and commercial strategy. Most recently, the Board appointed Dr. Murray Stewart as an independent member of the Board, who brings more than thirty years of cardiometabolic academic and industry experience to the Board.
The Board is unified and unwavering in its commitment to acting in the best interests of all shareholders and will continue to take actions it believes will drive sustainable, short and long-term value and position the Company for future growth.
The Board will present its formal recommendation regarding Sarissa’s director nominees in the Company’s definitive proxy statement and other materials to be filed with the Securities and Exchange Commission and mailed to all stockholders eligible to vote at the Special Meeting.
J.P. Morgan is acting as financial advisor. Ropes & Gray LLP and Goodwin Procter LLP are acting as legal advisors to the Company.
About Amarin(AMRN)
Amarin (AMRN) 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(AMRN) 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, including beliefs about Amarin’s key achievements in 2022 and the potential impact and outlook for achievements in 2023 and beyond; Amarin’s 2023 financial outlook and cash position; Amarin’s strategic direction and actions management has taken to stabilize our U.S. business and position Amarin(AMRN) for growth and value creation; the runway for growth as Amarin’s strategic focus shifts toward expanding the business in Europe and other international markets; objectives of Amarin’s cost reduction program and other cash preservation initiatives, Amarin’s commitment to identifying and rigorously evaluating new highly qualified, independent candidates for Amarin’s Board of Directors, including full, comprehensive evaluation of Sarissa Capital Management LP’s proposed nominees; and the overall potential and future success of VASCEPA (marketed as VAZKEPA in Europe) and Amarin(AMRN) generally. 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(AMRN) can be found in Amarin's(AMRN) filings with the U.S. Securities and Exchange Commission, including Amarin’s annual report on Form 10-K for the full year ended 2021. 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(AMRN) 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(AMRN) may enter into, amend or terminate.
Availability of Other Information About Amarin
Amarin (AMRN) communicates with its investors and the public using the company website (www.amarincorp.com) and the investor relations website (investor.amarincorp.com), including but not limited to investor presentations and FAQs, Securities and Exchange Commission filings, press releases, public conference calls and webcasts. The information that Amarin(AMRN) posts on these channels and websites could be deemed to be material information. As a result, Amarin(AMRN) encourages investors, the media and others interested in Amarin(AMRN) to review the information that is posted on these channels, including the investor relations website, on a regular basis. This list of channels may be updated from time to time on Amarin’s
Nuke, I picked up my 100 day supply of V. Yalza, Yalza LOL. 3 regular bottles of V plus a 10 day supply in a regular vial or pill bottle. So my 100 day supply cost the same as a 90 day supply plus 10 day free supply. I love free, free, free. Now if only the stock price would move up I'd be a happy & healthy camper.
sts66, FDC = Fixed Dose Combination.
jroon, did you get a chance to read through the 13D filed today? Sarissa was buying in december when ppl were doing the tax loss selling. So the new 7 BOD proposed are as follows:
Patrice Bonfiglio https://www.linkedin.com/in/patrice-bonfiglio-9a67497/
Paul Cohen, MD
Mark DiPaolo Esq.https://innovivainc.gcs-web.com/board-directors/mark-dipaolo
Keith Horn https://www.linkedin.com/in/keith-horn-83813529/
Odysseas Kostas M.D. https://www.linkedin.com/in/odysseas-kostas-0310176/
Louis Sterling 111
Diane Sullivan https://www.linkedin.com/in/diane-sullivan/
North you're not missing anything
BORING!
pdude, I value all your input from a medical standpoint and would never consider blocking you. Vascepa is a diamond in the rough. We need someone like Denner to polish it up so that when it goes up for sale he will maximize its value far more than we would ever consider. He's a pro and is more successful than anyone in his industry. So much more than the current BOD. He's got my vote.
Pdude, r u serious a screaming kid in diapers? You know nothing about how this will play out. Stick to pharmaceuticals.
capt, so that was from last year's presentation. It'll be interesting to compare last year's deck vs tonight's presentation. Ha
jroon, OK I'll take your word for it which is unusual for me to do. But it still doesn't make sense in my past experience.
jasbg, this is what I get from their new website it's a mess. I sent them an email again today and they agreed. They're working on it!
https://amarincorp.com/about-amarin/leadership
capt, where was this filed if it's from the SEC filing when was it filed?
This isn't the pitch deck for the JP Morgan conf or is it?
FYI I hate their new website it's really f'd up.
jroon, so what you're saying is that within certain groups the shares are double counted? That's crazy....and very confusing. Actually, in all my years I've never seen such a crazy way of calculating ownership.
DAR, I think the announcement or lack there of about this new guy being elected to the board by PWO pissed off Denner so much that he couldn't wait another day. It's obvious what was happening. Denner needs a majority of the board to change the direction of the company. I'm not sure what the max is but for some reason 15 stands out in my past research of the last proxy they filed.
he's not wasting any time
Form DFAN14A AMARIN CORP PLC\UK Filed by: Sarissa Capital Management LP
10K WIZARD 4:45 PM ET 1/10/2023
http://archive.fast-edgar.com/20230110/AD2ZL22CZ22RMTZK222I2ZYNAAS2ZZ22ZI52
Filed on: January 10, 2023
jroon, funny cause I was looking at the same filings but the ITRM filings were originally an investment in a convertible so it's not easy to figure out who owns what. I know that Denner controls all the entities except for Mr Sterlings but have you tried to figure out how many shares are actually owned or controlled by Denner? Each fund has a different name and is controlled by Denner so when you figure out his total ownership let me know. Eventually Sarissa will have to file 13D's
This is weird Amarin announced a new board member today and no 8K filing no news nothing. That was the nail in the coffin.
https://investor.amarincorp.com/news-releases/news-release-details/amarin-board-directors-announces-appointment-murray-w-stewart-dm
DAR, jroon, So how can 2+2= 5. If I add every separate fund name and assume they are all beneficially owned by Sarissa Capital it still doesn't add up. I find it hard to believe that Denner would buy up to 52mill away from 25,210,000. If so that certainly assures his win in his proxy fight to boot out the BOD. Keep in mind that the universal rules changed the % of votes from 50 to 67% of the voting shares. It's not the outstanding shares but the shares voted via the proxy. That's why it's so important that everyone vote their shares and put them in the cash account and not in the margin account. Even though shares are not marginable they can still remain in the margin account from when they stock was marginable.
invest it's a biotech conference the only kind of investment Denner makes is in that space. Of course he'll be there!!! And he's on the bod of BIIB and several others.
jroon, that's what I originally thought but if your breakdown each number within each different name it doesn't add up to 25,210,000 away from that number it actually adds up to 52,826,400. I'll keep digging. Beneficial is the key word.
LBL, I am now a paying member of IHub just to reply to your post....HeHe. What took him so long?
How do I calculate how many shares in total are owned by our friend? Any thoughts?
So very terse wording from Sarissa warning the company about stacking the board to the max. If they do that Denner will sue the asses off the entire BOD and through in KM for good luck
invest, for sure Denner will be at the presentation. I'm wondering if they'll have a breakout session after the presentation. We need a secret invisible persona in attendance.