-- Company to Streamline Global Operations, Resulting in Approximately $70 Million of Cost Savings Over Next 12 Months and Accelerated Path to Positive Cash Flow --
-- Conference Call Today at 8:00 a.m. EDT with Investor Materials Available at AdvancingAmarin.com --
DUBLIN, Ireland and BRIDGEWATER, N.J., June 24, 2025 (GLOBE NEWSWIRE) -- Amarin Corporation (NASDAQ: AMRN) today announced that the Company has entered into an exclusive long-term license and supply agreement (the “Agreement”) with Recordati S.p.A. (“Recordati”) to commercialize VAZKEPA® (icosapent ethyl) across 59 countries, focused in Europe. This Agreement capitalizes on the early-stage success of VAZKEPA in Europe by partnering with Recordati to accelerate the depth and reach of the product for patients at-risk of a cardiovascular event. As a result of the Agreement, Amarin will streamline its global operations, which further strengthens the Company’s financial position.
Under the terms of the Agreement:
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Recordati will be responsible for commercialization of VAZKEPA in Europe.
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Amarin will receive:
Upfront cash of $25 million and milestone payments totalling up to $150 million contingent upon Recordati achieving predefined annual commercial net sales levels;
Supply-based revenues, including royalties for the supply of the product under the terms of the agreement
Odysseas Kostas, M.D., Chairman of the Amarin Board of Directors, said, “Over the last couple of years, we have done a lot to thoughtfully redesign our operations and strategy in Europe, and we are proud of the efforts and accomplishments of the team in Europe. That said, partnering with Recordati, a market leader in Europe, is now the right decision for the company, financially and for patients.”
Dr. Kostas continued, “We are pleased to place VAZKEPA, a drug with proven, meaningful cardiovascular benefit when added to statins, in the hands of a partner with the capabilities and experience in the cardiovascular space in Europe as Recordati. We believe this partnership for VAZKEPA positions both companies to benefit from future sales growth. Looking forward, Amarin will continue to pursue all options to further maximize long-term shareholder value.”
“This long-term partnership with Recordati for VAZKEPA in Europe, where we have patent protection up to 2039, combined with the Company’s financial strengths – nearly $300 million in cash, no debt, an estimated $70 million in cost savings over the next 12 months and continued cost efficient revenue generation from multiple revenue streams – accelerates the path to positive cash flow and strengthens our strategic position for the future,” said Aaron Berg, President & CEO of Amarin. “We thank our team for their tremendous efforts to advance our global strategy and look forward to driving value for shareholders.”
European Licensing Agreement with Recordati
Recordati is an international pharmaceutical company, headquartered in Milan, Italy, with fully integrated operations across research & development, chemical and finished product manufacturing, commercialization and licensing. With a long heritage in cardiovascular disease, this category represents approximately 25% of Recordati’s Specialty and Primary Care business, and its cardiovascular portfolio addresses a range of diseases including hypertension, heart failure and other conditions. Recordati has a presence in more than 150 countries, including operations in European countries.
“Recordati is a highly successful, well-established partner uniquely positioned to maximize the commercial opportunity for VAZKEPA in Europe. We are confident in Recordati’s ability to lead the next phase of growth and impact patient care with VAZKEPA throughout Europe,” Mr. Berg concluded.
Rob Koremans, Chief Executive Officer, Recordati, commented, “We are extremely pleased with the agreement with Amarin for VAZKEPA® which underscores our deep expertise in the Cardiovascular space and our ongoing commitment to continue strengthening our Specialty & Primary Care business with innovative medicines in our core therapeutic areas. VAZKEPA® is a best-in-class treatment option that complements our existing portfolio, is supported by a robust clinical data package, has the ability to make a meaningful impact for cardiovascular patients and contribute to the growth of Specialty & Primary Care for years to come."
Advancing Amarin’s Growth Strategy
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As a result of this Recordati partnership, Amarin is now better positioned to capitalize on the untapped global potential of VASCEPA/VAZKEPA while operating with increased efficiency to capture value from multiple revenue streams, further strengthening the Company’s financial position and accelerating its path to positive cash flow.
Streamlining global operations to drive an estimated $70 million in cost savings over the next 12 months:Amarin will immediately initiate a global restructuring, with the vast majority of estimated cost savings from reduced commercialization expense from the Company’s Europe operations.
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Efficiently driving VASCEPA revenue in the U.S.: Amarin will continue maximizing its U.S. business, which is a mature, profitable enterprise with meaningful cash flows. The Company has multiple levers to continue to drive VASCEPA revenue and cash flow generation.
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Advancing access and penetration from Rest of World partnerships with minimal capital required:Amarin will continue to efficiently generate revenue through its partnerships in key international markets, many of which are in early commercialization stages, including Canada, MENA, China, Australia / New Zealand, and Southeast Asia, and will support these partners in their regulatory and commercial efforts to maximize the value of VASCEPA/VAZKEPA globally.
The important actions announced today better position the Company to deliver shareholder value.
Barclays has served as financial advisor on this transaction. The Board and management, with the assistance of Barclays, will continue to explore potential strategic actions to maximize value for shareholders.
Wilke Farr & Gallagher LLP has served as legal counsel on the Agreement.
About Amarin
Amarin is an innovative pharmaceutical company leading a new paradigm in cardiovascular disease management. We are committed to increasing the scientific understanding of the cardiovascular risk that persists beyond traditional therapies and advancing the treatment of that risk for patients worldwide. Amarin has offices in Bridgewater, New Jersey in the United States, Dublin in Ireland, Zug in Switzerland, and other countries in Europe as well as commercial partners and suppliers around the world.
About VASCEPA®/VAZKEPA® (icosapent ethyl) Capsules
VASCEPA (icosapent ethyl) capsules are the first prescription treatment approved by the U.S. Food and Drug Administration (FDA) comprised solely of the active ingredient, icosapent ethyl (IPE), a unique form of eicosapentaenoic acid. VASCEPA was launched in the United States in January 2020 as the first drug approved by the U.S. FDA for treatment of the studied high-risk patients with persistent cardiovascular risk despite being on statin therapy. VASCEPA was initially launched in the United States in 2013 based on the drug’s initial FDA approved indication for use as an adjunct therapy to diet to reduce triglyceride levels in adult patients with severe (≥500 mg/dL) hypertriglyceridemia. Since launch, VASCEPA has been prescribed more than twenty-five million times. VASCEPA is covered by most major medical insurance plans. In addition to the United States, VASCEPA is approved and sold in Canada, China, Australia, Lebanon, the United Arab Emirates, Saudi Arabia, Qatar, Bahrain, and Kuwait. In Europe, in March 2021 marketing authorization was granted to icosapent ethyl in the European Union for the reduction of risk of cardiovascular events in patients at high cardiovascular risk, under the brand name VAZKEPA. In April 2021 marketing authorization for VAZKEPA (icosapent ethyl) was granted in Great Britain (applying to England, Scotland and Wales). VAZKEPA (icosapent ethyl) is currently approved and sold in Europe in Sweden, Finland, England/Wales, Spain, Netherlands, Scotland, Greece, Portugal, Italy, Denmark and Austria.