Independent Report Acknowledges That Sarissa’s Campaign to Remove Amarin’s Chairman and De Facto Seize Board Control Would be Detrimental to Shareholder Value
Board Urges Shareholders to Follow ISS and Glass Lewis's Recommendations and Vote “AGAINST” All of Sarissa’s Proposals on the WHITE Proxy Card
Amarin Corporation plc (NASDAQ: AMRN) (“Amarin” or the “Company”) today announced that the leading independent proxy advisory firm, Institutional Shareholder Services (“ISS”), has recommended that shareholders vote “AGAINST” all of Sarissa’s proposals on the WHITE proxy card at the upcoming General Meeting of Shareholders, scheduled for February 28, 2023.
In its February 16, 2023, report, ISS determined that Sarissa’s campaign is nothing more than a transparent attempt to de facto seize control of the Board by removing Amarin’s new Chairman, Per Wold-Olsen, and installing seven of its underqualified individuals. ISS joins Glass Lewis in highlighting that Sarissa has failed to make a compelling case for change and recommending shareholders vote “AGAINST” the removal of Per Wold-Olsen and “AGAINST” the election of every Sarissa nominee. ISS stated1:
“The board has appropriately refreshed itself and the company's positioning for commercial success appears to be improving. [Sarissa] has not presented convincing criticisms in either of these areas. As such, [Sarissa] has not made a compelling case for change.”
“The company's strategic turn and operational execution since the appointment of Mikhail as CEO are particularly instructive. Quarterly revenue has stabilized, and the company has generated a small positive adjusted cash flow over the past two quarters... They nonetheless represent tangible steps forward that have clearly improved the company's position, and suggest that the company's current strategy is a credible path forward.”
“The board's refreshment then, appears to have been proactive, thorough, and appropriate for the company's ongoing repositioning.”
“…contrary to the [Sarissa’s] assertion about unsustainable cash burn, has been successful in stabilizing its cash levels over the past three quarters.”
“… the underperformance since Mikhail took over is not necessarily a surprise, as the value of the company now primarily depends on the success of commercialization efforts in Europe, which remain in early stages.”
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