Shares in Amarin slump by 19pc
SHARES in Dublin-based Amarin slumped yesterday as investors lost confidence that the company will soon be acquired. Shares in the maker of the cholesterol-lowering drug Vascepa fell as much as 19pc during trading.
The Dublin-based company's shares had gained 56pc in the previous 12 months. Investors had expected Amarin to sell itself or find a partner to market Vascepa, the company's treatment for severely high levels of triglycerides.
Instead, the company announced yesterday that it has raised $100m and started hiring a sales force for the medicine. The financing from Pharmakon Advisors and the hiring of a sales force may mean no sale is on horizon, analysts said.
Banana shortages boosts Fyffes
FYFFES said it has experienced "favourable market conditions" through the final months of 2012 thanks to shortages of bananas.
The company added that it expects earnings before interest, taxes, depreciation, and amortisation to be towards the upper end of its current range of €28m-€33m.
"This represents a very strong performance for the year, an increase of 29pc-42pc (on) last year's results," Fyffes added.
No Ugandan oil until 2014 – Tullow
TULLOW Oil, a Dublin-listed oil company which found oil in Uganda in 2006, said delays in agreeing with the East African government on a plan to develop a refinery and export pipeline means it will be at least end-2014 before crude starts flowing.
It will take a minimum of two years to start initial-stage production, which involves selling unrefined crude to heavy fuel users in Uganda, Tullow's vice-president of African business Tim O'Hanlon said in an interview.
Delays could last even longer while Tullow and its partners Total and CNOOC in the Lake Albert fields try to narrow differences with the State on a three-prong development plan, he said.
Budget won't help SMEs, says FF
FIANNA Fail small business spokesman John McGuinness said this week's Budget announcements will do nothing to help the small- and medium-sized business.
"The suite of measures introduced in the Budget by the Government does not help SMEs and they do not recognise the huge difficulties that are facing the retail sector," said Mr McGuinness, adding, "There is also no attempt to tackle the huge problem of upward-only-rent reviews".