Amarin Corporation (AMRN) recently announced its offer to sell 21.7 million American Depositary Shares (ADS). As per the underwriting agreement, the underwriters to the issue were given an option to purchase 3.255 million shares of Amarin to cover over-allotments, if any. The underwriters will be provided a 30-day window to do so.
Amarin has filed a registration statement with the Securities and Exchange Commission (SEC) in relation to its ADS offering. The company plans to file a preliminary prospectus supplement with the SEC shortly.
Amarin was also in the news recently when it announced encouraging results from a phase I trial on its cardiovascular candidate, AMR-102, a fixed-dose combination of the company’s only marketed product, Vascepa and AstraZeneca’s (AZN) Crestor (rosuvastatin).
We note that apart from AMR-102, the company is also evaluating Vascepa for several indications. The US Food and Drug Administration (FDA) approved Vascepa as an adjunct to diet for reducing triglyceride levels in adults suffering from severe (≥500 mg/dL) hypertriglyceridemia (very high triglycerides) in Jul 2012. The company started marketing the drug in the US from Jan 2013.
The company seeking to get Vascepa approved for other indications including the treatment of adults with high triglyceride levels (≥200 mg/dL and <500 mg/dL), who are receiving statin therapy for elevated LDL-C (low-density lipoprotein cholesterol) levels.
Amarin carries a Zacks Rank #3 (Hold). Pharma stocks, which appear to be favorably placed, include Valeant Pharmaceuticals (VRX) and Targacept Inc. (TRGT). Both the stocks carry a Zacks Rank #1 (Strong Buy).
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