After Amarin Corporation (AMRN) said its chairman and CEO plans to retire, AMRN stock sank about 3% in Monday mid-day trading.
The Irish drug-maker announced that its current President, John Thero, would become CEO at the beginning of the new year, succeeding Joseph Zakrzewski. Independent director Lars Ekman will succeed Zakrzewski as chairman, though Zakrzewski will remain as a member of the board, BusinessWeek notes.
AMRN stock was battered in October after an FDA panel declined to recommend expanding the use of its omega-3 drug, Vascepa, to more people suffering from high triglyceride levels. The FDA is expected to make a final ruling on Vascepa this month.
In April, AMRN stock jumped sharply after it reported success in a Phase III trial of its cardiovascular disease drug.