Concerned Shareholder Group Urges Amarin’s Board of Directors to Initiate a Strategic Review Following Two Years of Underperformance

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03/19/2025 - 12:45 PM

HOUSTON--(BUSINESS WIRE)-- Bradley L. Radoff and Michael Torok, the Managing Director of JEC Capital Partners (together with certain of their affiliates, the “Concerned Shareholder Group” or “we”), who collectively own approximately 15 million shares of Amarin Corporation plc (NASDAQ: AMRN) (“Amarin” or the “Company”), today issued the following open letter to the Company’s Board of Directors.

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Amarin Corporation plc
ATTN: Board of Directors (the “Board”)
88 Harcourt Street
Dublin 2, Ireland

Members of the Board,

We are meaningful shareholders of Amarin. While we appreciate Sarissa Capital Management’s (“Sarissa”) involvement and commitment to the Company, we believe shareholders would be best served by the Board immediately conducting a strategic review to maximize shareholder value.

In February 2023, Amarin’s share price traded at $2.03 after shareholders supported Sarissa’s plan to unlock shareholder value by voting to elect its director candidates.¹ Shortly after the 2023 General Meeting, the reconstituted Board stated that it “had begun the hard work of creating value for shareholders” and expressed confidence that “the Company will thrive with proper stewardship.”² Unfortunately, today, the Company’s shares trade at just $0.43, a decrease of nearly 80% since most of you were appointed.³

At the start of 2024, Chair Dr. Odysseas Kostas and then-CEO Patrick Holt issued a letter to shareholders stating their belief that “the [C]ompany is fundamentally in a much stronger position today.”⁴ The pair also announced a share repurchase plan of up to $50 million, citing their “increasing confidence in the business, the undervalued stock price and [their] commitment to creating shareholder value.” On the date of this letter, Amarin’s share price closed at $1.15.⁵ Although the Company’s shares have grown even more undervalued since this date, Amarin has not executed on the buyback.

At $0.43/share, Amarin’s market capitalization is ~$185 million, despite the Company having zero debt and a stable cash balance of nearly $300 million. Instead of fulfilling its commitment to use a mere 15% of its net cash to repurchase its undervalued common shares, the Company recently announced a 1-for-20 reverse split of its American Depositary Shares – making no mention of the previously announced buyback.⁶ This move does not inspire confidence, as reverse splits typically have a negative effect on a stock’s future price.

As Sarissa noted in its February 2023 presentation, perpetually running an unprofitable company is not sustainable.⁷ We could not agree more. The Board should immediately announce and run a strategic review process with the goal of preserving and maximizing value for all shareholders. Given the Company’s net cash position of ~$0.75/share, any transaction should immediately provide shareholders at least that amount in value. Given the efforts made to date to establish a foundation for a patent-protected international business, we believe the value to shareholders could be meaningfully higher.

While we welcome the opportunity to speak with you about the viability of this approach, we feel the Board should respond publicly given the commitments you and Sarissa have made to shareholders – both when seeking support at the 2023 General Meeting and more recently.

Sincerely,

Bradley Radoff and Michael Torok

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¹ Bloomberg. Share price as of market close on February 28, 2023, the date of the 2023 General Meeting of Shareholders.
² Company press release dated March 16, 2023. Link.
³ Bloomberg. Represents the change in the Company’s share price from market close on February 28, 2023 ($2.03) through market close on March 18, 2025 ($0.43).
⁴ Company press release dated January 22, 2024. Link.
⁵ Bloomberg. Share price as of market close on January 22, 2024, the date of the open letter.
⁶ Company press release dated March 12, 2025. Link.
⁷ Page 15 of Sarissa’s investor presentation dated February 2, 2023. Link.