Amarin Raises $100M Debt Funding As It Preps For Vascepa Launch
This article was originally published in The Pink Sheet Daily
With no partner or buyer ready to complete a transaction, Amarin prepares to market an approved fish-oil pill on its own. A new hybrid debt vehicle will tide it over until it receives more clarity around an NCE designation and a second indication, which it hopes could eventually lead to a deal.
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The proprietary pharmaceuticals business – slated to break off from Abbott on Jan. 1, 2013 – will generate sales of around $18 billion, have a cash balance of $7 billion and an annual R&D spend of around 14% of sales, about $2.52 billion in 2013.
Despite a labeling advantage when it comes to LDL, Amarin’s newly approved Vascepa faces a daunting commercial landscape, competing against Glaxo’s entrenched, soon-to-be generic Lovaza and other options for lowering triglycerides.
FDA leaves door open to modify label of Amarin’s omega-3 fatty acid therapy Vascepa prior to approval in a healthier population, says company CEO. Per the current label, triglycerides are lowered significantly with no increase in LDL cholesterol, a potential differentiating point from Pronova/Glaxo’s blockbuster EPA/DHA therapy Lovaza.