Key Summary: Sarissa Capital Management (6.06%) began engaging with the company on January 24, 2022, to maximize asset value, expressing disappointment in Q1 results and seeking board representation by June 2022. They abstained from the AGM and called for a special meeting to replace directors in October 2022. Sarissa filed multiple proxy materials from January to February 2023, launching a website and issuing presentations to garner shareholder support. On February 28, 2023, Sarissa declared victory, noting strong shareholder backing. By December 5, 2023, Sarissa expressed confidence in the company's progress and long-term value potential.Market Cap: $295 million | Amarin Corporation plc, a pharmaceutical company, engages in the development and commercialization of therapeutics for the treatment of cardiovascular diseases in the United States.
On January 24, 2022, Sarissa Capital Management (6.06%) stated that it intends to engage in discussions with the company and others regarding its investment in the shares and ways to maximize the value of the company’s assets. Source
On June 3, 2022, Sarissa Capital Management expressed its disappointment with the company's first quarter results. Sarissa Capital believes that the meaningful decrease in share price following the earnings announcement reflects the company’s insufficient adjustment to changing market conditions for its key drug Vascepa and investor concerns about the ability of leadership as currently constituted to navigate the company during this critical time. Sarissa Capital believes that the expertise and experience of its principals would be extremely beneficial to the company and intend to seek representation on the board. Source
On June 15, 2022, Sarissa Capital announced that it intends to vote “ABSTAIN” at the upcoming AGM. It stated that "Even though such a vote will not impact the outcome of the upcoming election of directors, the United Kingdom, the jurisdiction in which Amarin is domiciled, contains laws and rights that protect the shareholder franchise even after the annual meeting. For example, under UK law and Amarin’s articles, shareholders, like Sarissa, who own at least 5% of the outstanding shares can call a special meeting of shareholders to remove and replace directors AT ANY TIME. Therefore, immediately after the annual meeting, we could call a special meeting and seek to remove and replace some or all of the Amarin directors with the affirmative vote of the holders of a majority of the outstanding shares."
On October 11, 2022, Sarissa Capital issued a press release indicating that it has commenced the process to call a special meeting of shareholders to remove and replace certain of the company’s directors.
On January 10, 2023, Sarissa Capital filed proxy materials submitting notice to call a special meeting of shareholders to add directors and remove Chairman Per Wold-Olsen. Source
On January 18, 2023, Sarissa Capital filed proxy materials reiterating for Board refreshment. Source
On January 31, 2023, Sarissa Capital filed proxy materials reiterating for Board refreshment.
On February 1, 2023, Sarissa Capital filed proxy materials urging shareholders to vote for its nominees.
On February 2, 2023, Sarissa Capital issued a presentation reiterating its concerns and urged shareholders to vote for its nominees.
On February 3, 2023, Sarissa Capital launches website www.freeamarin.com for shareholders and urges them to vote for its nominees.
On February 7, 2023, Sarissa Capital released a presentation highlighting many of the inaccurate and misleading statements Amarin made in its attempts to thwart shareholder representation and oversight on the board.
On February 17, 2023, Sarissa Capital issued a presentation detailing the dire need for change at the company.
On February 21, 2023, Sarissa Capital filed proxy materials urging shareholders to vote for its nominees.
On February 27, 2023, Sarissa Capital issued a press release that condemned the Board for frontrunning results of proxy contest with egregious equity grants to executives. Sarissa believes Amarin board acted in bad faith by making these equity grants while refusing to disclose proxy contest results and will hold each director personally accountable. Sarissa urges Amarin CEO Karim Mikhail to repudiate his undeserved equity grants and re-issue them to hard working Amarin employees
On February 28, 2023, Sarissa Capital Management LP today issued the following statement regarding the company. "Amarin shareholders have sent a loud and clear message repudiating the incumbent Amarin board. Sarissa thanks fellow shareholders for their support in a resounding victory against the Amarin board. Our estimate is that up to nearly 80% of shareholder votes were in support of Sarissa. As Amarin’s largest shareholder, we are grateful for the opportunity to remake Amarin for the benefit of all shareholders." Source
On December 5, 2023, Sarissa Capital Management stated its belief that the stock is undervalued and remains a long-term shareholder. Further it stated it was pleased with the progress that Amarin has made to date and expect the value to be reflected in the stock price over time. Source
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