Amarin Corporation plc
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(Name of Issuer)
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Ordinary Shares, par value 50 pence per share
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(Title of Class of Securities)
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023111206
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(CUSIP Number)
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Mark DiPaolo
Senior Partner, General Counsel
Sarissa Capital Management LP
660 Steamboat Road
Greenwich, CT 06830
203-302-2330
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications) |
January 18, 2023
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(Date of Event which Requires Filing of this Statement)
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CUSIP No. 023111206
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Page 2 of 4 Pages
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SCHEDULE 13D
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CUSIP No. 023111206
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Page 3 of 4 Pages
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SCHEDULE 13D |
SARISSA CAPITAL MANAGEMENT LP |
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By: | /s/ Mark DiPaolo |
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Name: Mark DiPaolo |
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Title: Senior Partner, General Counsel |
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/s/ Alexander J. Denner |
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Alexander J. Denner |
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/s/ Louis Sterling III |
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Louis Sterling III |
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CUSIP No. 023111206
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Page 4 of 4 Pages
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SCHEDULE 13D |
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Vascepa is a great drug with the potential to have a meaningful impact on society. However, since the label expansion for cardiovascular risk reduction, Amarin stock has lost over 90% of its value.†
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Last year, management committed to launching in up to six key European markets and obtain pricing and reimbursement approval in up to eight European markets in 2022. They launched and secured positive pricing and reimbursement
decisions in only five European markets. In addition, despite the novel drug’s ability to reduce cardiovascular events and its significant potential to reduce a country’s healthcare costs, Amarin could not secure reimbursement approval in
Germany, a historically top revenue generating country for pharmaceuticals in Europe.
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Amarin’s slow, reactive responses to changing market dynamics have destroyed significant shareholder capital. An alarming example from 2022 is Amarin’s slow response to the US launch of a third generic in January 2022 that quickly and
meaningfully reduced sales via both price and volume. Instead of having a plan ready to enact immediately in response to the long anticipated generic risk, Amarin waited six months, until June 2022, to announce a major reduction in
expenses. In that time, significant shareholder capital – and additional credibility of management and the board – were destroyed.
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Sarissa Capital
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25,210,000
|
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Offshore
|
6,188,100
|
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Master II
|
342,600
|
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Athena
|
3,164,000
|
|
Catapult
|
4,298,200
|
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Hawkeye
|
3,928,800
|
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ISP
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6,663,377
|
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Atom
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624,923
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Management GP
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25,210,000
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Offshore GP
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9,694,700
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Fund GP LP
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17,921,700
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Fund GP LLC
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17,921,700
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Dr. Denner
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25,210,000
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Contact: |
Jean Puong
Sarissa Capital Management LP info@sarissacap.com |