Amarin Announces Underwriters’ Exercise of Option to Purchase Additional American Depositary Shares
August 15 2016 - 7:30AM
Amarin Corporation plc (NASDAQ:AMRN) today announced that, in
connection with its previously announced underwritten public
offering of American Depositary Shares (“ADSs”), the underwriters
of the offering have exercised in full their option to purchase up
to an aggregate of 3,165,000 additional ADSs. The exercise of this
option increases the size of the offering to an aggregate of
24,265,000 ADSs at a price to the public of $2.85 per ADS. The
aggregate net proceeds to the company from this offering are
expected to be approximately $64.6 million, after deducting
underwriting discounts and commissions and other estimated offering
expenses. The offering, including the purchase of the additional
ADSs, is expected to close on or about August 16, 2016, subject to
customary closing conditions.
Jefferies LLC and Citigroup Global Markets Inc. are acting as
joint book-running managers in the offering. Cantor Fitzgerald
& Co. is acting as lead manager and H.C. Wainwright & Co.
and SunTrust Robinson Humphrey are acting as co-managers in this
offering. Amarin anticipates using the net proceeds from the
offering to advance its REDUCE-IT cardiovascular outcomes trial and
for general corporate and working capital purposes.
The securities described above are being offered by Amarin
pursuant to a shelf registration statement on Form S-3 (No.
333-197936) previously filed with the Securities and Exchange
Commission (the "SEC") on August 7, 2014 and declared effective by
the SEC on August 22, 2014. A preliminary prospectus supplement
related to the offering has been filed with the SEC and is
available on the SEC's website at http://www.sec.gov. Copies of the
final prospectus supplement relating to these securities may be
obtained from Jefferies LLC, Attn: Equity Syndicate Prospectus
Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, by
telephone at (877) 821-7388 or by email at
Prospectus_Department@Jefferies.com or from Citigroup Global
Markets Inc., c/o Broadridge Financial Services, 1155 Long Island
Avenue, Edgewood, NY 11717, by telephone at (800) 831-9146.
This news release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or other jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities laws of
any such state or other jurisdiction.
About Amarin
Amarin Corporation plc is a biopharmaceutical company focused on
the commercialization and development of therapeutics to improve
cardiovascular health. Vascepa® (icosapent ethyl) capsules,
Amarin's first FDA approved product, are a highly-pure, omega-3
fatty acid product available by prescription.
Disclosure Notice
This press release contains forward-looking statements, within
the meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Statements that are not historical
facts, including statements related to Amarin's public offering of
American Depositary Shares, are forward-looking statements that
involve risks and uncertainties. Words such as "intends," "plans,"
"expects," "may," "will" and similar expressions are intended to
identify forward-looking statements. These forward-looking
statements are not promises or guarantees. These forward-looking
statements are based upon Amarin's current expectations. Actual
events and results and the timing of events and results could
differ materially from those anticipated in such forward-looking
statements. Among the factors that could cause actual results
to differ materially from those described or projected herein are
the following: risks related to the underwriters' consummation of
their obligation to purchase the securities, whether Amarin will be
able to satisfy its obligations to close the offering and the risk
that Amarin will not use the proceeds from the offering in the
manner contemplated, as well as the risks, uncertainties and other
matters detailed in Amarin's filings with the U.S. Securities and
Exchange Commission, including its most recent Annual Report on
Form 10-K, its most recent Quarterly Report on Form 10-Q and the
preliminary prospectus supplement relating to the offering and
filed on August 10, 2016. Existing and prospective investors are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date they were made. Amarin
undertakes no obligation to update or revise the information
contained in this press release, whether as a result of new
information, future events or circumstances or otherwise, except as
required by law.
Amarin contact information:
Investor Relations:
Kathryn McNeil Investor Relations and Corporate
Communications Amarin Corporation plc In U.S.: +1 (908)
719-1315 investor.relations@amarincorp.com Lee M. Stern Trout
Group In U.S.: +1 (646) 378-2992 lstern@troutgroup.com
Media Inquiries: Kristie Kuhl Finn Partners In U.S.: +1 (212)
583-2791 Kristie.kuhl@finnpartners.com
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