Amarin Corp. ( NASDAQ: AMRN ) shares are up ~8% in Tuesday afternoon trading after Sarissa Capital Management, the company's largest shareholder, had seven of its backed individuals elected to the board and current chairman Per Wold-Olsen tossed.
The new board will have 15 members and a new chairman will be selected.
Sarissa said ~80% of votes were in favor of its board slate.
"While there is a lot of work to be done, we remain confident in our ability to leverage Vascepa's rare and highly beneficial profile to unlock tremendous value for all shareholders," Sarissa said in a statement . Vascepa is Amarin's ( AMRN ) cholesterol-lowering prescription fish oil pill.
"While we sought a different outcome, the Board and management team remain focused on executing Amarin’s ( AMRN ) strategy, particularly at this critical juncture with ongoing pricing and reimbursement negotiations in Europe, International expansion efforts and continued stabilization of our U.S. business, to deliver near- and long-term value," the company said in a statement .
Read why Avisol Capital Partners, which has a hold rating on Amarin ( AMRN ), says that Sarissa doesn't have the solutions to fix the company's problems .
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Amarin 8% higher after Sarissa wins proxy battle with management