Open Letter from JEC Capital Partners to Amarin Corporation plc’s Board of Directors
Dear Members of the Board of Directors of Amarin Corporation plc (the “Company”),
Background
We, Bradley L. Radoff and Michael Torok, Managing Directors of JEC Capital Partners, along with certain of our affiliates, collectively own an approximate 15 million share position in Amarin Corporation plc (NASDAQ: AMRN) (“Amarin” or the “Company”). Our investment reflects our belief in the long-term potential of the Company and its innovative product, Vascepa.
Concerns and Recommendations
However, we have become increasingly concerned with certain actions and decisions made by the Company’s management and Board, which we believe are not in the best interests of all shareholders. Specifically, we have observed the following:
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The Company’s decision to terminate its collaboration agreement with AstraZeneca plc, which we believe could have generated significant value for Amarin shareholders.
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The Company’s recent equity offering, which we view as dilutive and unnecessary.
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The Company’s proposed acquisition of Elamipretin from Gilead Sciences, Inc., which we believe may not be in the best interests of Amarin shareholders.
In light of these concerns, we respectfully request the following:
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A thorough review of the termination of the AstraZeneca collaboration agreement and an exploration of potential alternatives.
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A comprehensive evaluation of strategic alternatives for the Company, including a potential sale or merger.
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A more transparent and shareholder-focused approach to capital allocation and corporate decision-making.
Impact on Individual Investors
As an individual investor, this situation may impact you in several ways:
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If you hold shares of Amarin, you may be concerned about the potential impact of the Company’s decisions on its stock price and long-term value.
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You may be interested in the outcome of JEC Capital Partners’ engagement with the Company and its Board.
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You may be considering investing in Amarin and want to be informed about the ongoing situation.
Impact on the World
Beyond the immediate impact on Amarin shareholders, this situation highlights several broader trends and issues:
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The increasing importance of shareholder activism and engagement in corporate decision-making.
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The growing role of collaboration agreements and partnerships in the pharmaceutical industry.
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The ongoing debate about the balance between shareholder value and corporate social responsibility.
Conclusion
We believe that an open and constructive dialogue between shareholders and management is essential for the long-term success of Amarin Corporation plc. We remain committed to working collaboratively with the Company and its Board to ensure that the interests of all shareholders are represented.
We will continue to monitor the situation closely and provide updates as appropriate. We encourage all Amarin shareholders to engage in this important conversation and to join us in advocating for a more shareholder-focused approach.
Sincerely,
Bradley L. Radoff and Michael Torok
Managing Directors, JEC Capital Partners
