Sarissa Capital Management, the activist investor that shook Amarin’s board earlier this year, has unleashed a tirade against the perception of Amarin’s (NASDAQ: AMRN) stock being “significantly undervalued.” This comes despite securing substantial influence in Amarin’s boardroom about nine months ago.
Back in March, Sarissa clinched seven board seats and managed to oust the company’s chairman. As a result, Amarin’s top executive also decided to exit before the end of the month.
In a relentless statement, Sarissa Capital expressed, “We continue to believe in both the tremendous value of Vascepa/Vazkepa to cardiovascular patients worldwide and the market opportunity.”
The activist investor further declared, “We remain long-term shareholders and have been purchasing shares at these depressed prices, as will be detailed in tomorrow’s 13D filing. We have never sold any shares of Amarin (AMRN) and have only increased our position since we made the investment.”
Sarissa, the most significant shareholder in AMRN, highlighted that post the board restructuring, Amarin had showcased advancements like streamlining its U.S. business and reworking its European commercial infrastructure, pricing, and reimbursement activities.
Despite the upheaval, Amarin (AMRN) reported a 27% year-on-year decrease in revenue last month. This was fueled by generic competition resulting in lower volume and escalated net pricing pressure.