Amarin Corp Plc (AMRN)

[CJR_MS]

IMO Rose, the pathway to best value is to sell the assets we have.

If BO: BP and AMRN have to figure what EU is worth based on estimated sales of 10 years (protected). RoW less valuable. Today, EU is our only real asset. Now, the CVR is far more complicated. It will likely include $$ for both US sales (likely)and new indications (not as likely). You might see $12 CVR with progressive payouts based on revenue milestones (time + cumulative) and new trials. But we are not in position of power. (Unless multiple bidders)

If license deal, then you know they believe we will win appeal (but they don’t know judges or likelihood that procedural error(s) will be enough to turn decision). If we lose, we are completely toast. You cannot make that wreckless of a decision at this point.

The other option is to keep EU and RoW - say screw US. And ramp up sales there. But that’s nearly as idiotic as licensing given risks.

other way out is a settlement that staves off generics.

Now if you’re managing risk and maximizing value, BO + CVR is the only way to do it. Period. That’s it.