DUBLIN - Amarin (NASDAQ:AMRN) Corporation plc (NASDAQ:AMRN) has obtained a new patent from the European Patent Office (EPO) for its cardiovascular drug VAZKEPA (icosapent ethyl), extending its market exclusivity in Europe until 2039. The company announced on Tuesday that the Decision to Grant would officially take effect on April 24, 2024.
The patent is based on the REDUCE-IT cardiovascular outcomes trial and is related to the use of VAZKEPA as an adjunctive therapy in adults on statin treatment with elevated triglyceride levels. This patent extension adds eight years to the drug's commercial protection in Europe, previously set to expire in 2031 due to regulatory exclusivity.
In a separate legal victory, Amarin successfully defended another VAZKEPA patent against third-party opposition, which is set to expire in June 2033. The EPO upheld the validity of all claims in this patent, which includes the reduction of cardiovascular death and coronary revascularization risks as outlined in the REDUCE-IT study protocol.
Amarin's President and CEO, Patrick Holt, commented on the importance of these developments, stating that they will enhance the potential impact of VAZKEPA for patients and the growth prospects for the drug across Europe. He emphasized the company's commitment to defending its intellectual property rights vigorously.
The company's European patent portfolio for VAZKEPA also includes legacy patent exclusivity from the ANCHOR study, which has been extended to June 2035 through Supplemental Protection Certificates (SPCs). With these layers of patent and regulatory protection, Amarin aims to maintain a robust exclusivity position for VAZKEPA in Europe into 2039.
Amarin, headquartered in Dublin, Ireland, with additional offices in Bridgewater, New Jersey, Zug, Switzerland, and other European locations, focuses on innovating cardiovascular disease management. The company's recent patent achievements are part of its broader strategy to advance the treatment of cardiovascular risk beyond traditional therapies.
The information for this article is based on a press release statement from Amarin Corporation plc.
InvestingPro Insights
Amarin Corporation plc (NASDAQ:AMRN) has recently fortified its market position in Europe with new patent grants, but what does the financial data say about the company's current standing? According to InvestingPro, Amarin holds a market capitalization of approximately $406.57 million, indicating a moderate size in the pharmaceutical industry. Despite its recent legal victories, analysts anticipate a sales decline in the current year, which could be a point of concern for investors.
InvestingPro Tips suggest that Amarin's stock price movements are quite volatile, which may be attributed to the competitive nature of the pharmaceutical sector and investor reactions to news such as patent updates. Additionally, Amarin is trading at a low revenue valuation multiple, with a Price/Book ratio in the last twelve months as of Q4 2023 at 0.74, potentially making it an attractive investment for those looking for value stocks.
For investors interested in a deeper dive into Amarin's financial health and future prospects, InvestingPro offers an array of additional tips. Notably, Amarin does not pay a dividend to shareholders, which might be relevant for income-focused investors. Furthermore, the company holds more cash than debt on its balance sheet and has liquid assets that exceed short-term obligations, suggesting a degree of financial stability.
For those looking to explore these insights further, InvestingPro provides comprehensive analysis and metrics on Amarin. With the use of coupon code PRONEWS24, readers can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking access to a total of 9 InvestingPro Tips for Amarin and other companies.
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