Amarin Announces $400,000,000 Public Offering of American Depositary Shares
July 17 2019 - 4:01PM
Amarin Corporation plc (NASDAQ: AMRN) today announced that it has
commenced an underwritten public offering of $400,000,000 of its
American Depositary Shares pursuant to a shelf registration.
All of the shares in the proposed offering are to be sold by
Amarin.
Amarin intends to use the net proceeds from the offering (1) to
support the ongoing and expanding commercialization of Vascepa®
(icosapent ethyl) assuming the FDA approves Amarin’s supplemental
new drug application seeking an expanded indication for Vascepa in
the United States based on the positive results of Amarin’s
REDUCE-IT™ study, including (i) doubling the size of its existing
sales force, (ii) increasing branded and non-branded advertising,
and (iii) supporting its expanded commercial operations; (2) to
increase commercial supply of Vascepa from third-party drug product
suppliers; and (3) for general corporate purposes. Amarin also may
use a portion of the net proceeds to acquire strategic assets,
although it currently has no agreements or commitments in this
regard.
In addition, Amarin expects to grant the underwriters a 30-day
option to purchase up to an additional $60,000,000 of its American
Depositary Shares in connection with the proposed public
offering. J.P. Morgan Securities LLC, Goldman Sachs & Co.
LLC, Jefferies LLC and Cantor Fitzgerald & Co. are acting as
the joint book-running managers in the offering. The offering is
subject to market conditions, and there can be no assurance as to
whether or when the offering may be completed, or the actual size
or terms of the offering.
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. The securities may be offered only by means
of a written prospectus, including a prospectus supplement, forming
a part of the effective registration statement. A preliminary
prospectus supplement and accompanying prospectus relating to the
offering will be filed with the SEC and will be available on the
SEC’s website at www.sec.gov. Copies of the preliminary prospectus
supplement relating to these securities may be obtained for free by
visiting EDGAR on the SEC's web site at www.sec.gov. When
available, copies of the final prospectus supplement and the
accompanying prospectus may also be obtained by contacting J.P.
Morgan Securities LLC, Attention: Broadridge Financial Solutions,
1155 Long Island Avenue, Edgewood, NY 11717; or by telephone at
(866) 803-9204; or by email at prospectus-eq_fi@jpmchase.com,
Goldman Sachs & Co. LLC, 200 West Street, New York, New York
10282, Jefferies LLC, Attention: Equity Syndicate Prospectus
Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, by
telephone: (877) 547-6340 or email:
Prospectus_Department@jefferies.com or Cantor Fitzgerald & Co.,
Attention: Capital Markets, 499 Park Avenue, 6th Floor, New York,
NY 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
by 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 rapidly growing, innovative
pharmaceutical company focused on developing therapeutics to
improve cardiovascular health. Amarin’s product development program
leverages its extensive experience in polyunsaturated fatty acids
and lipid science. Vascepa (icosapent ethyl) is Amarin's first
FDA-approved drug and is available by prescription in the United
States, Lebanon and the United Arab Emirates. Amarin’s commercial
partners are pursuing additional regulatory approvals for Vascepa
in Canada, China and the Middle East. For more information about
Amarin, visit www.amarincorp.com.
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 proposed public
offering of American Depositary Shares and the FDA’s evaluation of
Amarin’s pending supplemental new drug application, 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. 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)
719-1315investor.relations@amarincorp.com Lee M. Stern Trout
Group In U.S.: +1 (646) 378-2992
lstern@troutgroup.com
Media Inquiries: Gwen Fisher Corporate
Communications Amarin Corporation plc In U.S.: +1 (908)
325-0735 pr@amarincorp.com
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