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Sarissa Capital Management said on Monday it believed Amarin (NASDAQ:AMRN) shares were “significantly undervalued,” more than nine months after the activist investor won a proxy fight against the Irish-based company's board.
In March, Sarissa gained seven board seats at Amarin (AMRN), known as the developer of the fish oil-derived heart drug Vascepa. Sarissa at that time also dismissed the president of the board of directors, while the top head of the AMRN Low at the end of the month.
“We continue to believe in both the tremendous value of Vascepa/Vazkepa for cardiovascular patients around the world and the market opportunity,” Sarissa Capital said in a statement.
“We remain long-term shareholders and have been purchasing shares at these depressed prices, as will be detailed in tomorrow's 13D filing. We have never sold shares of Amarin (AMRN) and have only increased our position since making the investment.” added the Greenwich, Connecticut-based activist investor.
Sarissa, AMRN's largest shareholder, said that since reconstituting its board, the company had made progress such as streamlining its U.S. business and reworking its European trading infrastructure and pricing and reimbursement activities.
Amarin (AMRN) last month reported a 27% year-over-year drop in revenue, driven by generic competition resulting in lower volume, as well as greater net pressure on pricing.
