Company Update (NASDAQ:AMRN): Amarin Corporation plc (ADR) and HLS Therapeutics Announce Agreement to Commercialize Vascepa in Canada

Amarin Corporation plc (ADR) (NASDAQ:AMRN) and HLS Therapeutics Inc. (“HLS”), announced today an exclusive agreement between the parties to register, commercialize and distribute Vascepa® (icosapent ethyl) capsules in Canada. Amarin and HLS anticipate submitting an application to Canadian regulatory authorities to seek approval to commercialize Vascepa in Canada.

“We are excited to enter into a collaboration with HLS to seek regulatory approval and commercialize Vascepa in Canada,” stated John F. Thero, president and chief executive officer of Amarin. “The proven track record of HLS’s leadership in commercializing pharmaceutical products in Canada, along with our shared vision and commitment, bestow confidence that we will provide Vascepa as a treatment option for millions of Canadians.”

“HLS is delighted to work with Amarin, as we expect Vascepa to be the first highly pure, omega-3 fatty acid product available by prescription in Canada,” stated Greg Gubitz, chief executive officer of HLS Therapeutics. “Amarin’s $200+ million cardiovascular outcomes study, REDUCE-IT, has a significant number of Canadian key opinion leaders and clinical sites involved. As cardiovascular disease is the number one killer in the world1, HLS is proud to be associated with Amarin’s mission to improve cardiovascular health.”

Heart disease is a leading cause of death in Canada1. Twenty-five percent of Canadians have high triglycerides2, a key comorbidity associated with cardiovascular disease, and about 2.4 million Canadians live with heart disease3. HLS and Amarin believe Vascepa has the potential to become an important part of the physician’s armamentarium in the treatment of the millions of Canadians dealing with these conditions.

Under the agreement, HLS will be responsible for regulatory and commercialization activities and associated costs. Amarin is responsible for providing assistance towards local filings, supplying finished product, maintaining intellectual property and continuing the development and funding of REDUCE-IT.  Terms of the agreement include up-front and milestone payments to Amarin of up to US$65.0 million. These payments include a non-refundable upfront payment of US$5.0 million, as well as development, regulatory and sale-based milestones totaling up to an additional US$60.0 million.  The agreement also provides for HLS to pay Amarin tiered double digit royalties on net sales of Vascepa in Canada.  Amarin is obligated to supply finished product to HLS under negotiated supply terms. The agreement for supply and commercialization is for Canada only and includes all Canadian provinces.

Shares of Amarin Corporation Plc closed on Friday at $3.29, up $0.05 or 1.54%. AMRN has a 1-year high of $4.47 and a 1-year low of $2.65. The stock’s 50-day moving average is $3.21 and its 200-day moving average is $3.30.

On the ratings front, Amarin has been the subject of a number of recent research reports. In a report issued on September 13, Cantor Fitzgerald analyst Louise Chen assigned a Buy rating on AMRN, with a price target of $10, which represents a potential upside of 204% from where the stock is currently trading. Separately, on August 3, H.C. Wainwright’s Andrew Fein reiterated a Buy rating on the stock and has a price target of $10.

According to, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Louise Chen and Andrew Fein have a yearly average loss of -9.2% and a return of 8.9% respectively. Chen has a success rate of 41% and is ranked #4536 out of 4653 analysts, while Fein has a success rate of 53% and is ranked #519.

Amarin is a biopharmaceutical company, which focuses on the commercialization and development of therapeutics for cardiovascular health. The company’s product development program leverages its extensive experience in lipid science and the potential therapeutic benefits of polyunsaturated fatty acids. It has developed and markets Vascepa capsules through wholesale. 


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