Amarin shareholder group urges board to initiate strategic review

Bradley Radoff and Michael Torok, the Managing Director of JEC Capital Partners, who collectively own approximately 15M shares of Amarin (AMRN), issued an open letter to the company’s board, in which the shareholder group stated in part: “We are meaningful shareholders of Amarin. While we appreciate Sarissa Capital Management’s 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… As Sarissa noted in its February 2023 presentation, perpetually running an unprofitable company is not sustainable. 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.”