Sarissa Capital Submits Notice To Call A Special Meeting Of Amarin Shareholders To Add Directors And Remove Chairman Per Wold-Olsen

$AMRN

At the last shareholder meeting, the shareholders, the owners of the company, loudly expressed their lack of faith in the board and management. Sarissa sought to place shareholder representatives on the board and engaged with the company in what turned out to be months of simply lip service by the board, led by its Chairman Per Wold-Olsen. Despite Sarissa having a track record of creating significant shareholder value in healthcare companies, including those with cardiovascular drugs such as The Medicines Company, Amarin’s board rejected adding any shareholder representatives to the board in favor of their own candidates, including today’s addition of a board candidate without any input from Sarissa, Amarin’s largest shareholder.

Amarin’s acknowledgement of its need for board refreshment is a positive step in recognizing the company’s many mishaps and the board’s own entrenchment. However, after months of back and forth, it is clear to us that this board refreshment process was a charade led by Chairman Per Wold-Olsen.

Sarissa is astounded by Amarin’s blatant disregard for shareholders. The board’s actions epitomize poor governance. We believe that they do not understand a board’s mission and duties to shareholders, the owners of the company. We can only conclude that Amarin’s board does not seek real change and instead wants to remain entrenched at the expense of shareholders.

Sarissa has submitted notice to Amarin under UK law to call a special meeting of shareholders to add 7 directors to the board and to remove Chairman Per Wold-Olsen from the board. In the event that the Amarin board attempts the contemptible act of continuing to entrench themselves by filling any of the vacancies on the board, takes any other actions in violation of their fiduciary duties or interferes with Sarissa’s exercise of its shareholder rights, Sarissa will initiate immediate legal action to hold all directors (including those added to the board) personally accountable to the fullest extent of the law. Such an act by the board would be the ultimate betrayal to shareholders. Sarissa will also seek to remove those directors appointed by the board in order to create the vacancies necessary to add Sarissa’s nominees to the board. We are asking all shareholders to remain engaged and voice their opinions by voting at the special meeting.

Contact:         

Jean Puong

Sarissa Capital Management LP

info@sarissacap.com

Source:

https://www.sec.gov/Archives/edgar/data/897448/000119312523005648/d391051ddfan14a.htm