Amarin Nets $121 Million in ADS Flotation
Amarin is now more than $121 million richer, following a public stock offering. The company announced it has closed a 21.7-million share-strong issue of American Depositary Shares, netting a total of around $121.1 million. Additionally, the company's underwriters have been granted a 30-day purchase option for up to an additional 3.255 million American Depositary Shares.
Amarin said it plans to use the proceeds of the issue largely to fund the commercial launch of Vascepa, a treatment that lowers triglycerides.
Citigroup's Global Markets unit, and Leucadia's Jefferies, were the joint-book running managers of the offering.
Prior to the issue, Amarin had around 150.7 million shares outstanding. Its stock's most recent closing price was $5.27 per share.
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