Shares of Amarin (AMRN -2.11%) were down 20% today, after the company surprised investors with its after-hours decision last night that it would be hiring a sales force of 200-300 representatives, ostensibly to market its new triglyceride-lowering drug, Vascepa, on its own. The company will be taking on $100 million in debt financing to pay for the new hirings.
Investors have been waiting with bated breath for the Food and Drug Administration to announce whether it will grant Vascepa new chemical entity, or NCE, status -- which would grant the drug five years of patent protection rather than three -- and would most likely be the catalyst for a buyout offer. The possible decision on NCE is still a week away, and although many analysts feel that an immediate buyout is a less likely scenario now, market pundits are still overall bullish on the stock, though many have lowered their projected price targets.
