Biotech Values

[ronpopeil]

AMARIN, the Dublin based pharmaceutical company founded by Tom Lynch, has appointed Lazard, the Investment Bank, to advise it on a prospective sale for more than $2bn - (1.3bn EUR).

The drug company's share price soared 76% last monday on news of a positive drug trial, and it closed the week valued at $1.8bn.

Market analysts upgraded Amarin last week on the basis of the positive trials of its lead drug.

The company's new drug is essentially a refined fish oil to reduce blood fat associated with heart disease. Canaccord Genuity last week put a price target of $18 on the stock which closed the week at $16.92.

Lazard will field bids, and the sale could take place as soon as the end of the summer. Several of the worlds biggest pharmaceutical firms are expected to run a rule over the company. Pfizer, a specialist in heart disease, is among those expected to consider a bid.

In a statement, the company said: "Amarin uses various advisors from time to time on a range of matters. We do not comment on the use of such advisors"

Amarin declined to comment further.