Amarin announced the forthcoming retirement of President and CEO John Thero, and the elevation of current head of commercial for Europe and senior vice president Karim Mikhail to the top role.
Amarin announced the forthcoming retirement of President and CEO John Thero, and the elevation of current head of commercial for Europe and senior vice president Karim Mikhail to the top role, just two weeks after an approval in Europe for its fish oil derivative, Vaskepa (icosapent ethyl).
Thero guided the drug to a U.S. Food and Drug Administration (FDA) approval in 2019 as an adjunct to statin therapy for patients with elevated triglyceride levels, but last year a federal court ruled against Amarin’s patent claims and denied a request for additional federal court review, allowing generic competition in the U.S.
The focus on Vaskepa in global markets–particularly Europe, where it anticipates at least 10 years of market exclusivity–will be key as Amarin has not announced any additional therapies in development. The European Commission approved Vazkepa to reduce the risk of cardiovascular events in patients with cardiovascular disease, or those with diabetes and an additional risk factor for cardiovascular disease, who have elevated triglycerides despite standard-of-care statin treatment.
Thero led Amarin through multiple clinical trials for the product as well as its launch in the U.S., where it is known as Vascepa, plus the beginning of its international expansion.
“We owe enormous gratitude to John,” said Lars Ekman, Amarin’s Board Chairman. “John and the entire board have taken a thoughtful approach to succession planning designed to ensure that Amarin is best positioned to both continue its progress in the United States and accelerate its growth trajectory globally.”
Mikhail joined the company in 2020, after two years as a global commercial strategy consultant, to lead the Vazkepa European commercialization effort. Previously, he was global commercial leader for Merck & Co.’s atherosclerosis and cardiovascular franchise. Mikhail helped reverse Merck’s declines in that sector, adding $380 million in revenue in part through the launch of Atozet (atorvastatin) and international expansion. He also oversaw an ultimately unsuccessful effort to expand the label for Vytorin (ezetimibe and simvastatin) in 2015.
Earlier in his Merck career, Mikhail was chief marketing officer for Europe, Middle East and Africa, chief operating officer for emerging markets, and guided multiple commercial launches in cancer, diabetes, hypertension and immunology.
Mikhail’s tenure will begin on August 1, and Thero will remain with Amarin as an advisor for the rest of the year. According to analysts, Thero exercised options to sell $67,550 in Amarin shares earlier this month, retaining shares valued at $20.65 million.
