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Amarin Corporation (NASDAQ:AMRN) shares are trading higher Tuesday after the company announced a long-term exclusive license and supply agreement with Recordati S.p.A. to commercialize its cardiovascular drug VAZKEPA (icosapent ethyl) across 59 countries in Europe.
What To Know: Under the terms of the deal, Amarin will receive $25 million in upfront cash and up to $150 million in additional milestone payments, tied to commercial net sales targets. Recordati will handle all commercialization activities for VAZKEPA in Europe.
The agreement allows Amarin to streamline its operations, particularly in Europe, which is expected to result in $70 million in cost savings over the next year. These reductions are part of a broader global restructuring effort aimed at accelerating the company's path to positive cash flow.
Amarin's CEO Aaron Berg said the partnership puts the company in a stronger strategic and financial position, citing nearly $300 million in cash, no debt and new revenue streams.
The company also reiterated its plans to focus on revenue generation in the U.S. and from global partnerships in Canada, China, the Middle East and Asia-Pacific regions, where commercialization efforts are already underway. The licensing deal with Recordati signals a shift toward a leaner, partnership-based international strategy.
AMRN Price Action: Amarin shares were up 33% at $16.76 at the time of writing, according to Benzinga Pro.
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Posted In: AMRN
