Amarin (AMRN) Stock Drops After Pricing Public Offering

NEW YORK (TheStreet) -- Shares of Amarin   (AMRN)  were tumbling 9.41% to $3.01 in mid-morning trading after the Dublin-based biopharmaceutical company announced on Thursday that it priced its share offering at a discount to current prices.

The company will sell about 21 million shares at $2.85 each, a discount to its stock price as of Thursday morning. 

Amarin expects to generate approximately $56.1 million in proceeds from the selloff that the company anticipates will go toward funding its REDUCE-IT cardiovascular outcomes trial, as well as general corporate and working capital purposes.

The transaction is likely to close about August 16. 

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