Amarin announces $400M American depositary share offering
Amarin announced that it has commenced an underwritten public offering of $400M of its American depositary shares pursuant to a shelf registration. All of the shares in the proposed offering are to be sold by the company. Amarin intends to use the net proceeds from the offering to support the ongoing and expanding commercialization of Vascepa, assuming the FDA approves Amarin's supplemental new drug application seeking an expanded indication, including doubling the size of its existing sales force, increasing branded and non-branded advertising, and supporting its expanded commercial operations. Amarin also wants to increase commercial supply of Vascepa from third-party drug product suppliers. It added that it may use a portion of the net proceeds to acquire strategic assets, "although it currently has no agreements or commitments in this regard." J.P. Morgan, Goldman Sachs, Jefferies and Cantor Fitzgerald are acting as the joint book-running managers in the offering.