Amarin has announced a reduction of 40 percent in its workforce as the drug maker’s fish-oil-derived heart medication faced fierce competition in America.
About 65 percent of Amarin’s U.S. commercial team will be laid off as a result.
Chief Executive Officer Karim Mikhail said: “While we continue to see value in branded Vascepa in the U.S., the current operating landscape remains challenging with uncertainty related to future revenue from the U.S. business.
READ MORE: PAYPAL WILL LAYOFF ITS 83 EMPLOYEES FROM SAN JOSE OFFICES
Last year, the United States Supreme Court declined to hear Amarin’s appeal of a patent loss related to Vascepa, giving rival drugmakers Hikma Pharmaceuticals PLC and Dr. Reddy’s Laboratories Ltd a victory.
In 2016, Amarin sued Hikma and Dr.Reddy’s, claiming that their proposed generic copies of Vascepa would violate the company’s patents.
Looking for a new job? Find the WhatJobs Career Advice Center here
The loss of the U.S. patent caused a decline in Vascepa sales in the fiscal year ending December, driving Amarin’s revenue down by 4 percent.
Nonetheless, the employment losses and simplified spending will help Amarin reduce operational expenses by around $100 million over the next year, supporting Amarin’s objectives to increase Vascepa’s acceptance in Europe and other regions.
As of December 31, the company had about 560 full-time employees across 10 countries.
Follow us on YouTube, Twitter, LinkedIn, and Facebook