Amarin Corporation plc · NASDAQ:AMRN
Amarin — Amarin Corp Plc\uk — Proxy Contest (February 2023)
18 slides from Amarin's proxy contest presentation, Feb 17, 2023
Slide 1: Sarissa Presentation
CAPITAL N T Sarissa Presentation February 17, 2023
Slide 2: Vote for Change at Amarin
VOTE FOR CHANGE AT AMARIN Vote “FOR” the election of Sarissa nominees Vote “FOR” the removal of Chairman Per Wold-Olsen IF YOU ALREADY VOTED “FOR” ALL PROPOSALS AND SUBMITTED YOUR BLUE PROXY CARD, THERE IS NOTHING ELSE YOU NEED TO DO TO SUPPORT SARISSA. YOU DO NOT NEED TO VOTE AGAIN.We urge all shar
Slide 3: Amarin deludes shareholders by presenting an alternative reality
Amarin deludes shareholders by presenting an alternative reality where the truth does not matter 3 We attempted to put all of Amarin’s misstatements together for you, but we couldn’t fit them all on one slide
Slide 4: Amarin shareholders know the truth as they have been living the nightmare
But Amarin shareholders know the truth as they have been living the Amarin nightmare every day 4 Crippling Stock Price Continued Operational Blunders Lack of Accountability Disregarding Shareholders Voices *Total return calculated between Dec 13, 2019 (date of FDA label expansion for Vascepa) and Fe
Slide 5: "New Amarin" took months to announce cost reduction plan
“New Amarin” took 6 months to announce cost reduction plan after US market upended by expected 3rd generic entrant in Jan. 2022 destroying shareholder capital 5 January 2022: 3rd generic entrant June 2022: “Comprehensive Cost Reduction Plan” 6 months! Amarin appears to have an excuse for everythin
Slide 6: Amarin failed its German launch and still attempts to push blame
Amarin failed its German launch and still attempts to push blame off itself 6 …Is NOT What Experienced Biopharma Leaders Say: Novartis CEO Vas Narasimhan on February 1st, 2023: “…Germany has had some headwinds. But overall, the German environment, we’d say, is relatively positive and workable… I thi
Slide 7: After spending >$1 billion, Amarin's stock is down almost ~$1 billion
After spending >$1 billion* since the first US generic launched in late 2020, Amarin’s stock is down almost ~$1 billion† 7 *Company expenditures calculated as major cash spend (includes OpEx and inventory build) since 4Q20 †Market cap calculated from November 5, 2020, to February 16, 2023 Amarin Qua
Slide 8: Amarin shifted its 2022 goalposts and embellished its record
Amarin shifted its 2022 goalposts and embellished its record in order to disingenuously claim success 8 “We have delivered this year on every objective that we’ve had in a consistent way.” -CEO Mikhail, February 2023 Achieving only 5 of 6 promised EU launches Failing to obtain German reimbursement N
Slide 9: Amarin spending >$7 million of shareholder money to keep largest shareholder off board
Amarin spending >$7 million of shareholder money to keep its largest shareholder off the board 9 Sources: Amarin and Sarissa Definitive Proxies filed January 31, 2023 Amarin Board and Management Webcast February 14, 2023 Amarin DEFC14A (1/31/2023) Sarissa DEFC14A (1/31/2023) Sarissa Amarin Spent to
Slide 10: Even with stock down to ~$1/share, directors did not meaningfully purchase shares
Even with stock trading down to ~$1/share, directors did not meaningfully purchase shares 10 February 2023 Webcast Q&A Where Directors Danced Around the Question Director Adam Berger’s Answer: “Stock and options are a critical portion of the compensation for directors…we all have very meaningful equ
Slide 11: Amarin has too many governance red flags to count
Amarin has too many governance red flags to count Refusal to add shareholder representatives to board despite: Shareholder vote of no-confidence Largest shareholder with track record of value creation in cardiovascular space Company’s abysmal performance Dismissive of shareholder base Refusal to sol
Slide 12: Amarin has employed tactics to mislead and disenfranchise shareholders
Amarin has employed a number of tactics to mislead and disenfranchise shareholders 12
Slide 13: Amarin's registrar had not been instructed to accept blue proxy cards
Most recently, Sarissa discovered that Amarin’s registrar had not been instructed to accept blue proxy cards even though legally required to do so 13 We believe this is another attempt by Amarin to entrench themselves and disenfranchise shareholders. Fortunately for shareholders, Sarissa had this pr
Slide 14: Sarissa's candidates will ensure the board is aligned with shareholders
Sarissa’s candidates will ensure that the board is aligned with shareholders to maximize value of Amarin 14 Sarissa Director Candidates Amarin’s Current Board Significant shareholders of Amarin and aligned with owners Demonstrated history of turning around troubled companies Successful negotiation o
Slide 15: Vote for Change at Amarin
VOTE FOR CHANGE AT AMARIN Vote “FOR” the election of Sarissa nominees Vote “FOR” the removal of Chairman Per Wold-Olsen IF YOU ALREADY VOTED “FOR” ALL PROPOSALS AND SUBMITTED YOUR BLUE PROXY CARD, THERE IS NOTHING ELSE YOU NEED TO DO TO SUPPORT SARISSA. YOU DO NOT NEED TO VOTE AGAIN.We urge all shar
Slide 16: Disclosures
Disclosures GENERAL CONSIDERATIONS This presentation is for general information purposes only, is not complete and does not constitute an agreement, offer, a solicitation of an offer, or any advice or recommendation to enter into or conclude any transaction or confirmation thereof (whether on the te
Slide 17: Disclosures
Disclosures NOT AN OFFER TO SELL OR BUY Under no circumstances is this presentation intended to be, nor should it be construed as, an offer to sell or a solicitation of an offer to buy any security. This presentation does not recommend the purchase or sale of any security and should not be construed
Slide 18: Disclosures
Disclosures CONCERNING INTELLECTUAL PROPERTY All registered or unregistered service marks, trademarks and trade names referred to in this presentation are the property of their respective owners, and Sarissa’s use herein does not imply an affiliation with or endorsement by the owners of these servic