Sarissa Capital Urges Amarin Shareholders to Vote “FOR” Necessary Change
February 20 2023 - 1:00PM
Business Wire
Sarissa believes Amarin leadership will
continue to destroy shareholder value during this critical period;
We cannot afford to maintain the status quo
Sarissa has a stellar track record of
success and its nominees have the experience and qualifications to
help fix the problems at Amarin
Sarissa Capital Management LP (“Sarissa”) today issued the
following statement regarding Amarin Corporation plc (NASDAQ:
AMRN):
Sarissa urges Amarin shareholders to vote “FOR” necessary change
at our upcoming shareholder meeting. The outcome of this meeting
will significantly affect the future of Amarin. The decision is one
of maintaining the status quo with the current regime which has
overseen a tremendous destruction of shareholder value or remaking
Amarin for the benefit of shareholders.
Amarin has a uniquely valuable drug Vascepa/Vazkepa that can
meaningfully reduce cardiovascular events in patients and save
significant resources for health systems worldwide. This highly
beneficial and rare profile of Vascepa/Vazkepa has been
significantly underutilized by the current regime. Amarin is at a
critical juncture where strategic decisions must be made by a board
that seeks to leverage the strengths of the company’s assets for
the benefit of shareholders. Unfortunately, the current leadership
has a history of operational blunders and poor capital allocation
decisions. Even more disappointing, the current regime repeatedly
attempts to obfuscate the truth with many misstatements about their
performance and Sarissa’s stellar track record of success in order
to secure votes.
Sarissa did not engage in this proxy contest lightly. We were
compelled to do so after witnessing egregious corporate governance
and experiencing the painful collapse of the share price, like
other shareholders. As Amarin’s largest shareholder with a history
of value creation in the cardiovascular space, Sarissa believes it
can help fix the company’s problems and unlock the true potential
of Amarin with its nominees on the board. We have a stellar track
record of success with the average performance of our portfolio
companies during the tenure of Sarissa and Sarissa designees being
+39.7%.* In contrast, Amarin’s performance under CEO Karim Mikhail
and Chairman Per Wold-Olsen were -70.8% and -62.8% respectively.†
We believe current Amarin leadership should be accountable to
shareholders, the owners of the company, for their poor
performance.
We cannot afford to allow the current regime to destroy further
shareholder value. Our slate includes Sarissa candidates that
helped turn around The Medicines Company until its ultimate sale
for nearly $10 billion. We have the qualifications and the
experience to help guide Amarin through this critical period.
Please see our latest presentation published February 17, 2023:
https://freeamarin.com/wp-content/pdfs/vote-for-change.pdf
We urge all shareholders to vote “FOR” the Sarissa
Nominees and “FOR” the removal of Chairman Per Wold-Olsen on
or prior to the deadline on Tuesday, February 21, 2023.
You can vote on the blue proxy card or the white proxy card but
if you want to fully support Sarissa, you must make sure that all
“FOR” boxes are marked on your proxy card (blue or white)
before you submit it.
If you have any questions on how to vote, we recommend that you
contact Sarissa’s proxy solicitor, D.F. King, by calling (800)
331-7024 or emailing AMRN@dfking.com.
Visit our website at www.freeamarin.com for helpful information
about Sarissa and the need for change at Amarin.
IF YOU ALREADY VOTED “FOR” ALL PROPOSALS AND SUBMITTED YOUR
BLUE PROXY CARD, THERE IS NOTHING ELSE YOU NEED TO DO TO SUPPORT
SARISSA’S NOMINEES. YOU DO NOT NEED TO VOTE AGAIN.
The General Meeting of Amarin shareholders is scheduled for
February 28, 2023, BUT TO MAKE SURE YOUR VOTE COUNTS,
SUBMIT YOUR VOTE ON OR BEFORE TUESDAY,
FEBRUARY 21, 2023.
* Calculated as average price change where a Sarissa or
Sarissa-affiliated director held tenure as a board member, for
larger Sarissa portfolio positions defined as (≥$50M), between the
date immediately preceding their first date-in service and
12/30/2022. Not weighted by investment and not indicative of
Sarissa’s investment returns. † Calculated as price change between
the dates 7/30/2021 and 12/30/2022 for CEO Karim Mikhail and
1/7/2022 and 12/30/2022 for Per Wold-Olsen.
Additional Information
Sarissa Capital Management LP (“Sarissa Capital”), together with
other participants, filed a definitive proxy statement and an
accompanying blue proxy card with the SEC on January 31, 2023, in
connection with the solicitation of shareholders of Amarin
Corporation plc (the “Company”) at the general meeting of the
Company for the election of Sarissa Capital’s slate of
highly-qualified nominees (the “General Meeting”). Shareholders are
advised to read the definitive proxy statement and other relevant
documents related to the General Meeting as they contain important
information.
The definitive proxy statement and other relevant documents are
available at no charge on the SEC’s website at www.sec.gov and at
www.freeamarin.com. The definitive proxy statement and other
relevant documents are also available at no charge by directing a
request to Sarissa Capital’s proxy solicitor, D.F. King & Co.,
Inc., 48 Wall Street, New York, New York 10005 (Shareholders can
call toll-free: (800) 331-7024).
#FreeAmarin
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230220005168/en/
Jean Puong Sarissa Capital Management LP info@sarissacap.com
Amarin (NASDAQ:AMRN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Amarin (NASDAQ:AMRN)
Historical Stock Chart
From Apr 2023 to Apr 2024