Amarin Prices Public Offering of American Depositary Shares
July 18 2019 - 11:47PM
Amarin Corporation plc (NASDAQ: AMRN) today announced the pricing
of the underwritten public offering of 22,222,223 American
Depositary Shares ("ADSs") at a price to the public of $18.00 per
ADS. The gross proceeds of this offering are expected to be
approximately $400.0 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
July 23, 2019, subject to customary closing conditions.
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 has granted the underwriters a 30-day option
to purchase up to an aggregate of 3,333,333 additional ADSs. J.P.
Morgan Securities LLC, Goldman Sachs & Co. LLC, Jefferies LLC
and Cantor Fitzgerald & Co. are acting as the joint
book-running managers for the offering. H.C. Wainwright & Co.,
LLC and Roth Capital Partners are acting as the co-managers for 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. 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 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
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 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 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 and filed on July 17, 2019.
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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