Soros buys €3m stake in Irish fat-buster
Legendary billionaire financier and serial investor George Soros has bought a €3m stake in the Irish "fat busting" drug company Amarin through his investment vehicle, Soros Fund Management LLC.
Mr Soros is best known as the "man who broke the Bank of England" after landing a spectacular trading coup when sterling devalued in 1992. New filings show that over the summer, Mr Soros picked up 300,000 shares in the Nasdaq listed Irish firm.
Last July, Amarin received US regulatory approval to sell its Vascepa treatment to lower fat levels in blood. The drug is based on Omega 3 fish oils and trials have shown that it has had a marked effect on fatty deposit levels in blood.
Amarin, which was spun out off Elan several years ago, includes Elan's former top scientist Lars Ekman among its board members. Some analysts have suggested that the Vascepa drug treatment could have the potential to be a €1bn blockbuster drug. However, Amarin's share price has declined sharply in recent weeks.
The Amarin stake is the second punt by Mr Soros into an Irish drug company in recent months. Last August, the Sunday Independent revealed that Mr Soros had built up a €60m stake in Elan since the start of the year. The New York-based financier has also previously held stakes in Eircom.
Sunday Indo Business