Irish biotech Amarin Corp. plc, with R&D headquarters in Groton, has announced that it will sell 21.7 million of American Depository Shares during a public offering.
Amarin's share price immediately dropped 9 percent after the announcement. Shareholders apparently were concerned about the dilution of value for existing shares, according to the investor site TheMotleyFool.
In addition to the 21.7 million shares, underwriters will have an option to purchase another 3.2 million or so shares at prevailing prices.
The money will be used to continue Amarin's launch of heart drug Vascepa as well as to conduct studies to expand the pill's potential market.