Biopharmaceutical company Amarin Corp (NASDAQ: AMRN) tanked in pre-market trading at the time of writing after stating that it will undergo a corporate restructuring to enhance shareholder value and to “right-size” the company. Amarin stated in its press release that the restructuring reflected “the need for a thoughtful and significant change in strategy given the Company’s size, resources and challenging operating environment” and expects that this reorganization will generate cost savings of around $40 million annually.
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As a part of this reorganization, the company will trim around 30% of its non-sales workforce and slash some jobs in sales. Amarin is also looking at strategic utilization of its commercial resources “to better align with pricing and reimbursement status, commercial potential and progress to date, as well as streamline certain cross-geographic functions and better leverage learnings across countries.”
Meanwhile, the company announced the appointment of Patrick Holt as President and CEO and as a member of the Board of Directors, effective immediately. Aaron Berg, who served as Interim President and CEO since April of this year, will remain with the company in a senior leadership role.
AMRN stock has shot up by more than 20% year-to-date.
