Irish drug developer Amarin Corp. PLC is tapping proceeds from a maximum $172.5 million debt offering by one of its subsidiaries to finance commercialization of Amarin's pending treatment against blood compounds harmful to the heart.
Amarin, which will soon move research operations to Groton from Stonington, said Wednesday its wholly owned subsidiary, Corsicanto Ltd., priced its offering of $150 million in exchangeable senior notes due 2032. The transaction is due to close Monday.
Buyers also will have a 30-day option to buy another $22.5 million in notes solely to cover over-allotments, if any, authorities say.
The notes will be exchangeable prior to Oct.15, 2031 initially at 113.4752 American Depositary Shares of Amarin per $1,000 principal amount of the debt, Amarin said.
Amarin says that if federal drug authorities approve its application to market AMR101 -- a prescription-grade form of omega-3 fatty acid to treat high levels of harmful triglycerides in the bloodstream -- it will use the debt-offering proceeds to commercially launch the treatment.
That includes setting up production of the drug, establishing a sales and distribution network, and marketing.