Amarin Corporation plc
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(Name of Issuer)
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Ordinary Shares, par value 50 pence per share
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(Title of Class of Securities)
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023111206
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(CUSIP Number)
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Mark DiPaolo
Senior Partner, General Counsel
Sarissa Capital Management LP
660 Steamboat Road
Greenwich, CT 06830
203-302-2330
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
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February 9, 2023
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(Date of Event which Requires Filing of this Statement)
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CUSIP No. 023111206
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Page 2 of 4 Pages
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Item 4.
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Purpose of Transaction. Item 4 of the Schedule 13D is hereby amended to include the following:
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Item 7.
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Material to Be Filed as Exhibits. Item 7 of the Schedule 13D is hereby amended to include the following:
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CUSIP No. 023111206
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Page 3 of 4 Pages
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SARISSA CAPITAL MANAGEMENT LP
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By:
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/s/ Mark DiPaolo
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Name: Mark DiPaolo
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Title: Senior Partner, General Counsel
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/s/ Alexander J. Denner
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Alexander J. Denner
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/s/ Louis Sterling III
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Louis Sterling III
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CUSIP No. 023111206
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Page 4 of 4 Pages
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*
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Previously filed.
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In 2022, Amarin’s stock price declined over 64%, wiping out more than $840 million of shareholder value.*
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In June 2022, Amarin was 6 months late in announcing cost cuts in the US after a third generic entered and disrupted the market in January 2022. Entrance of the third generic was
expected. The shareholder capital wasted due to the delay was an immense and avoidable destruction of shareholder value.
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The European launch is off to a terrible start. Management could not convince Germany to reimburse Vazkepa even though, with the use of Vazkepa, Germany could save a significant portion
of the >€28 billion that it spends annually on cardiovascular disease.† The rest of Europe is behind schedule, failing to live up
to management’s earlier promises.
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The board continues to completely ignore the outcome of the most recent annual meeting where nearly 50% of all votes cast were either votes against the Amarin board or abstentions.
Notably, this result occurred after Sarissa publicly stated that “we intend to vote ‘ABSTAIN’ as this reinforces our message that change is needed as we give the board time to add shareholder representatives.” ‡ Yet, the board still refuses to add Sarissa representatives.
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We believe the board’s prolonged “board refreshment process” was not legitimate. No shareholder representatives were added to the board and our input was never sought on any of their
appointees. Sarissa is Amarin’s largest shareholder, and we have a track record of creating shareholder value through board representation, including in the cardiovascular space. It is bewildering that Amarin remains obstinate and will not
allow shareholder participation on the board.
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Amarin disclosed that it has spent more than $4 MILLION of shareholder capital and is planning to spend >$7 MILLION total to prevent its largest shareholder from obtaining
representation on the board. This amount is a whopping ~6X more than what Sarissa intends to spend in this proxy contest. Either Amarin does not know how to spend money efficiently or does not care about shareholders’ money.
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The board does not engage meaningfully with its shareholder base. Historically, barely 50% of the shareholders show up at any given shareholder meeting. Chairman Wold-Olsen and other
directors have been dismissive of Amarin’s shareholders as a “retail” shareholder base. “Retail” shareholders are owners of Amarin and are entitled to have their voices heard.
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Amarin delayed the disclosure of the record date for the general meeting, artificially established an earlier than necessary cut-off time for voting and delayed delivery of crucial
shareholder lists requested by Sarissa. We believe Amarin’s board is employing these tactics to uneven the playing field so that shareholders are unable to voice their dissatisfaction with the current regime. Amarin claims that these
timelines are all required by UK law, which is canonically false, and they know it!
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Amarin has continuously misrepresented its interactions with Sarissa and Sarissa’s track record of success as it attempts to smear us and our nominees. In our presentations, we exposed
Amarin’s misstatements, disinformation, and dishonesty, including by providing detailed accounts of our correspondence. Amarin attempts to sully our track record using wrong and misleading metrics. In fact, the average performance of our
larger positions during the tenure of Sarissa and Sarissa designees is +39.7%.§ In contrast, Amarin’s performance under CEO Karim Mikhail and Chairman Per Wold-Olsen were -70.8% and -62.8% to year end 2022 respectively.‖ Amarin maintains that “we don’t need Sarissa to maximize value.” Again, actions speak louder than words.
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Contact: |
Jean Puong
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Sarissa Capital Management LP
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info@sarissacap.com
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