Amarin Corp. plc (AMRN) said Tuesday that its wholly owned subsidiary, Corsicanto Ltd., has commenced an offering of $150 million in aggregate principal amount of exchangeable senior notes due 2032.
Corsicanto expects to grant the initial purchasers a 30-day option to purchase additional notes solely to cover over-allotments, if any.
The notes will be exchangeable under certain circumstances into cash, Amarin's American Depositary Shares, or a combination thereof, based on an exchange rate to be determined.
Amarin said it plans to use the net proceeds from the offering, subject to approval by the U.S. Food and Drug Administration of its new drug application, to fund the commercial launch of AMR101, whether in collaboration with a strategic partner or on its own.
Amarin plans such use of proceeds to include funding the manufacture of commercial supply of AMR101 and funding the expansion of its sales and marketing capabilities. The company also plans to use the net proceeds from the offering to continue to fund patient enrollment in the cardiovascular outcomes study of AMR101, to fund the submission of a supplemental NDA filing for the indication studied in the ANCHOR trial and for general corporate and working capital purposes.
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