Vanda Pharmaceuticals to conduct registered direct offering of shares

Novartis Pharma will purchase 1,808,973 of company’s common shares

By Devika Patel

Knoxville, Tenn., Dec. 22 – Vanda Pharmaceuticals Inc. will sell 1,808,973 common shares to Novartis Pharma AG in a registered direct sale, according to a prospectus supplement filed Friday with the Securities and Exchange Commission.

The company’s stock (Nasdaq: VNDA) closed at $12.25 on Dec. 19 before the deal was inked.

Proceeds will be used for sales, marketing, research, development and other general corporate purposes.

Vanda is a Rockville, Md.-based pharmaceuticals firm.

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