Amarin licenses Vazkepa in Europe to Recordati for $25 million upfront, plans restructuring

Amarin Corporation plc (NASDAQ: AMRN) announced on June 24, 2025 an exclusive long-term license and supply agreement with Recordati S.p.A. to commercialize Vazkepa, its brand name for icosapent ethyl, in 59 countries, focused on Europe. Recordati will be responsible for commercializing the product there. In the same release, Amarin said it will streamline its global operations.

The terms

Amarin will receive upfront cash of $25 million. It is also eligible for milestone payments totaling up to $150 million, which depend on Recordati reaching predefined annual commercial net sales levels. The release does not state those levels. Amarin will also receive supply-based revenues, including royalties on product it supplies under the agreement. The company says it has patent protection for the product in Europe up to 2039.

Recordati is an international pharmaceutical company headquartered in Milan, Italy. The release says cardiovascular disease makes up about 25% of its Specialty and Primary Care business, and that it has a presence in more than 150 countries. Its chief executive, Rob Koremans, called Vazkepa "a best-in-class treatment option." That is the partner's own assessment, and the release does not include any trial data to support it.

The restructuring

Amarin said it will immediately start a global restructuring. The vast majority of the estimated $70 million in savings is expected to come from lower commercialization spending in its European operations. The release says the deal "accelerates the path to positive cash flow." It gives no timetable for completing the restructuring, no expected charges and no cash-flow forecast, so the claim cannot be measured from the release.

The company puts its cash at nearly $300 million and says it has no debt. Neither figure is broken down in the release, and the release does not give a net loss for any period.

The U.S. business and the pricing risks

The release calls the U.S. business "a mature, profitable enterprise with meaningful cash flows," and says Amarin will keep maximizing it. The annual report filed March 12, 2025 describes a harder picture for the same product. It says the entry of generic versions of icosapent ethyl into the market, and the potential for more generics in the near term, can affect Amarin's ability to commercialize VASCEPA on commercially reasonable terms and limit its commercial value.

The same report says Amarin withdrew from the Medicaid Drug Rebate program and the 340B drug pricing program effective October 1, 2024. It also says the company participates in the Department of Veterans Affairs' Federal Supply Schedule program, under which it must not charge more than the statutory Federal Ceiling Price to four federal agencies: the VA, the Department of Defense, the Public Health Service and the U.S. Coast Guard. Overcharges can require refunds, and misstated pricing data can bring penalties. The release's own safety information says Vascepa was associated with a higher risk of atrial fibrillation or flutter requiring hospitalization (3% vs 2%) and of bleeding (12% vs 10%) in double-blind, placebo-controlled trials.

The release does not reconcile its description of the U.S. business with those risks, and it does not give U.S. sales figures.

International partners and advisers

Amarin will keep supporting partners in Canada, the Middle East and North Africa, China, Australia and New Zealand, and Southeast Asia. The release says Barclays served as financial advisor on the transaction, and that the board and management, with Barclays, will continue to explore potential strategic actions to maximize value for shareholders. It does not say what those actions are. It names Wilke Farr & Gallagher LLP as legal counsel on the agreement. It names no counsel for Recordati.

What comes next

Amarin scheduled a conference call at 8:00 a.m. ET on June 24, 2025. The release sets no date for the restructuring to finish, no date for Recordati's commercial launch, and no timing for any milestone payment, which depends on sales the company has not reported in this release.

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