(Reuters) – Drugmaker Amarin Corp Plc stated Monday that its workforce would be reduced by 40% under a plan to save costs and restructure the entire company.

The company stated that this will reduce operating costs by around $100 million in the following year. This boosted shares 5.3% prior to the bell.

Amarin’s U.S. Commercial Team will lose approximately 65% as Vascepa, its fish-oil-derived heart drug Vascepa, faces fierce competition from other generic brands.

Karim Mikhail, Chief Executive Officer of Vascepa USA stated that while we see the value in Vascepa brand in the U.S.A., the operating environment is still challenging and there are uncertainties about future revenues from U.S. businesses.

Amarin stated the plan to reduce operating costs, allowing it to invest in European markets launches and global Vascepa expansion.

The company employed approximately 560 people in 10 different countries as of December 31st.