Amarin Prices Public Offering of American Depositary Shares
November 26 2018 - 8:59PM
Amarin Corporation plc (NASDAQ: AMRN) today announced the pricing
of the underwritten public offering of its American Depositary
Shares ("ADSs") for gross proceeds of approximately $200.0 million,
before deducting the underwriting discounts and commissions and
other estimated offering expenses payable by Amarin. The offering
is expected to close on or about November 29, 2018, subject to
customary closing conditions. In addition, Amarin has granted the
underwriters a 30-day option to purchase approximately $30.0
million of additional ADSs.
Jefferies and Cantor Fitzgerald & Co. are acting as the
joint book-running managers for the offering. The underwriters may
offer the ADSs from time to time for sale in one or more
transactions on the Nasdaq Global Market, in the over-the-counter
market, through negotiated transactions or otherwise at market
prices prevailing at the time of sale, at prices related to
prevailing market prices or at negotiated prices. On November 26,
2018, the last sale price of the ADSs on the Nasdaq Global Market
was $19.39, per share.
The gross proceeds from the offering are expected to be
approximately $200.0 million before deducting customary
underwriting discounts and commissions and offering expenses.
Amarin intends to use the net proceeds from the offering (1) to
support the ongoing commercialization of Vascepa following
REDUCE-IT results, including (i) seeking regulatory approval to
expand the approved label for Vascepa based on the cardioprotective
effect of Vascepa demonstrated in the REDUCE-IT study, beginning
with submission of an sNDA to the FDA in early 2019, (ii) expansion
of our sales force, and (iii) support of expanded commercial
operations; (2) to increase commercial supply of Vascepa from
third-party drug product suppliers; and (3) for general corporate
purposes.
The securities described above are being offered by Amarin
pursuant to a shelf registration statement on Form S-3ASR (No.
333-216385) previously filed with the Securities and Exchange
Commission (the "SEC") on March 1, 2017 and automatically became
effective upon filing. 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. A final prospectus supplement
and accompanying prospectus will be filed with the SEC. When
available, copies of the final prospectus supplement relating to
these securities may be obtained from Jefferies LLC, 520 Madison
Avenue, 2nd Floor, New York, NY 10022, Attention: Equity Syndicate
Prospectus Department, or by telephone at (877) 821-7388, or by
email at Prospectus_Department@Jefferies.com or from Cantor
Fitzgerald & Co., Attention: Capital Markets, 499 Park Ave.,
6th Floor, New York, New York 10022, or by email at
prospectus@cantor.com.
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 unique, highly-pure and
stable 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 November 26, 2018. 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:
Elisabeth Schwartz 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: Jennifer Corrigan Burson Cohn & Wolfe
In U.S.: +1 (212) 798-9538 Jennifer.Corrigan@cohnwolfe.com
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