Amarin licenses VAZKEPA to Recordati, launches restructuring to cut $70M costs

Rhea-AI Filing Summary

Amarin Corporation plc (AMRN) filed an 8-K announcing two material events dated 20-24 June 2025.

1. Exclusive European license for VAZKEPA. On 20 June 2025 the company, through subsidiary Amarin Pharmaceuticals Ireland Limited, executed a 15-year license & supply agreement with Recordati Industria Chimica e Farmaceutica S.p.A. covering 59 European countries. Amarin will receive: (i) a $25 million upfront cash payment; (ii) up to $150 million in commercial milestone payments; and (iii) tiered royalties on Recordati’s net sales of VAZKEPA. The contract automatically renews for additional 15-year terms provided Recordati commercialises the product in at least one country before the initial term expires. Amarin retains full rights to VAZKEPA outside the licensed territory.

2. Global restructuring & cost reduction. On 24 June 2025 Amarin announced a restructuring programme, primarily focused on its European commercial operations. Management expects the initiative to trim annual operating expenses by roughly $70 million, with substantial completion targeted by 30 June 2026. The plan will trigger $30-$37 million in one-time charges, almost entirely cash outflows for termination benefits and related costs, to be recorded in Q2 2025 and largely paid by 31 December 2025. The company cautions that actual costs may differ materially from current estimates and that additional expenses could arise.

Strategic implications. The license immediately monetises European rights, provides non-dilutive capital, shifts commercial execution risk to Recordati, and maintains long-term participation through royalties. Simultaneously, the restructuring initiative reduces Amarin’s fixed cost base, potentially improving EBITDA break-even timelines. However, the company relinquishes direct control over a key geography and incurs material near-term cash charges. Future revenue visibility will depend on Recordati’s commercial success and milestone achievement.

Positive

• $25 million upfront payment provides immediate, non-dilutive liquidity.
• Up to $150 million in milestones plus royalties create additional upside without further R&D spend.
• $70 million annual cost reduction lowers fixed expense base post-2026.
• 15-year renewable term secures long-duration royalty stream potential.

Negative

• $30-$37 million restructuring charges will impact 2025 cash flow.
• Amarin relinquishes direct control over 59 European markets, limiting future gross margin capture.
• Milestone and royalty receipts are contingent on Recordati’s execution; timing and magnitude are uncertain.

Insights

Financial Analyst

TL;DR: Cash infusion, cost cuts, but cedes EU upside—net strategically neutral.

The $25 million upfront plus milestone/royalty potential offers welcome liquidity without shareholder dilution. Annual savings of $70 million could materially narrow operating losses once restructuring concludes. Nevertheless, Amarin forfeits direct European revenues and must absorb $30-$37 million cash charges in 2025. Execution risk shifts to Recordati; milestone timing is uncertain. Overall financial impact hinges on whether royalty streams offset lost gross profit. Given mixed signals, I assign a neutral rating.

Industry Specialist – Cardiometabolic Pharma

TL;DR: Partnering leverages Recordati’s EU footprint—positive for long-term market penetration.

Recordati possesses established cardiology sales forces across Europe, accelerating VAZKEPA adoption versus Amarin’s build-out strategy. The 15-year term and automatic renewal provide runway for guideline inclusion and reimbursement negotiations. Retaining ex-EU rights preserves optionality in larger markets. While short-term charges hurt optics, outsourcing commercialisation is logical after protracted EU launch struggles. From a therapeutic access standpoint, this deal is constructive.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): June 20, 2025

Amarin Corporation plc

(Exact name of registrant as specified in its charter)

England and Wales		0-21392		Not applicable
(State or other jurisdiction of incorporation)		(Commission File Number)		(I.R.S. Employer Identification No.)

8th Floor, One Central Plaza, Dame Street, Dublin 2, Co. Dublin, D02 K7K5, Ireland		Not applicable
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: + 353 1 6699 020

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol		Name of each exchange on which registered
American Depositary Shares (ADS(s)), each ADS representing the right to receive twenty (20) Ordinary Shares of Amarin Corporation plc		AMRN		Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01. Entry into a Material Definitive Agreement.

On June 20, 2025, Amarin Corporation plc (the “Company”), through its wholly owned subsidiary, Amarin Pharmaceuticals Ireland Limited, entered into an exclusive long-term license and supply agreement (the “License Agreement”) with Recordati Industria Chimica e Farmaceutica S.p.A. (“Recordati”) to develop and commercialize VAZKEPA® (icosapent ethyl) (the “Product”) in 59 countries focused in Europe (the “Territory”). The Company retains all rights to the Product outside of the Territory.

Under the terms of the License Agreement, and subject to the conditions set forth therein, the Company will receive (i) $25 million as a one-time upfront payment; (ii) up to $150 million in commercial milestone payments; and (iii) royalties, as consideration for the Company’s supply of Product, which are based on a percentage of net sales recorded by Recordati for Recordati’s and its sublicensees’ sales of the Product across the Territory.

The initial term of the License Agreement is 15 years. The term of the License Agreement will automatically renew for additional 15 year terms, subject to Licensee Commercializing (as defined in the License Agreement) the Product in at least one country in the Territory prior to expiration of the initial term.

The foregoing description of the License Agreement does not purport to be complete and is subject to, and qualified in its entirety by reference to, the complete text of the License Agreement, which is filed as Exhibit 10.1 and is incorporated by reference herein.

Item 2.05. Costs Associated with Exit or Disposal Activities.

On June 24, 2025, as described in the Press Release, the Company announced a global restructuring, with the vast majority of estimated cost savings from reduced commercialization expense from the Company’s Europe operations. The Company expects these actions will reduce operating costs by approximately $70 million annually and is anticipated to be substantially completed by June 30, 2026.

Amarin anticipates that it will incur between approximately $30 million and $37 million in charges related to the restructuring, substantially all of which are cash expenditures for one-time termination benefits and associated costs. Amarin expects to record the charges in the second quarter of 2025 and to make substantially all of the related payments by December 31, 2025.

The estimated charges that the Company expects to incur, and the timing thereof, are subject to a number of assumptions, and actual results may differ materially from these estimates. The Company may also incur additional costs not currently contemplated due to events that may occur as a result of, or that are associated with, the foregoing.

Item 7.01. Regulation FD.

On June 24, 2025, the Company issued a press release announcing the License Agreement. A copy of this press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information in this Item 7.01 and the attached Exhibit 99.1 are being furnished to the Securities and Exchange Commission and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.		Description
10.1		License and Supply Agreement, dated June 20, 2025, by and between Amarin Pharmaceuticals Ireland Limited and Recordati Industria Chimica e Farmaceutica S.p.A.*(furnished herewith)
99.1		Press Release, dated June 24, 2025 (furnished herewith)
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

* Portions omitted pursuant to Item 601(b)(10) of Regulation S-K. The Company will supplementally furnish an unredacted copy of the exhibit upon request by the Securities and Exchange Commission. The Company may request confidential treatment for any information so furnished.

* * *

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: June 24, 2025				Amarin Corporation plc
				By:		/s/ Aaron Berg
						Aaron Berg
						President and Chief Executive Officer

FAQ

How much cash will Amarin (AMRN) receive upfront from the Recordati agreement?

$25 million payable upon execution of the license on 20 June 2025.

What is the potential milestone value in the Amarin-Recordati deal?

Up to $150 million in commercial milestones tied to VAZKEPA sales.

What annual cost savings does Amarin expect from its 2025 restructuring?

Approximately $70 million of operating expense reductions once fully implemented.

What one-time charges will Amarin record for the restructuring?

Estimated $30-$37 million, mostly cash for termination benefits, to be recorded in Q2 2025.

How long is the VAZKEPA license agreement with Recordati and can it be renewed?

Initial term is 15 years; it automatically renews for additional 15-year periods if commercialization continues in at least one territory country.