AMRN - Sarissa Capital says Amarin stock undervalued months after winning proxy contest

2023-12-04 16:57:15 ET

Sarissa Capital Management on Monday said that it believed Amarin's ( NASDAQ: AMRN ) stock was "significantly undervalued," more than nine months after the activist investor won a proxy fight against the Ireland-based company's board.

In March, Sarissa won seven board seats at Amarin ( AMRN ) - which is known as the developer of fish-oil derived heart drug Vascepa. Sarissa at that time also ousted the board's chairman, while AMRN's top boss stepped down at the end of the month.

"We continue to believe in both the tremendous value of Vascepa/Vazkepa to cardiovascular patients worldwide and the market opportunity," Sarissa Capital said in a statement .

"We remain long-term shareholders and have been purchasing shares at these depressed prices, as will be detailed in tomorrow’s 13D filing. We have never sold any shares of Amarin ( AMRN ) and have only increased our position since we made the investment," the Greenwich, Conn.-based activist investor added.

Sarissa, AMRN's biggest shareholder, noted that since its board reconstitution, the company had made progress such as streamlining its U.S. business and reworking its European commercial infrastructure and pricing and reimbursement activities.

Amarin ( AMRN ) last month reported a 27% Y/Y fall in revenue, driven by generic competition resulting in lower volume, as well as increased net pricing pressure.

More on Amarin

• Amarin Corporation plc (AMRN) Q3 2023 Earnings Call Transcript
• Amarin Corporation plc (AMRN) Cantor Fitzgerald Annual Global Healthcare Conference (Transcript)
• Amarin's Financial Tug-Of-War: Vascepa Vs. Generics
• Amneal Pharma in pact with Strides to launch generic Vascepa
• Amarin GAAP EPS of -$0.05, revenue of $66M

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