Vanda Pharma Prices 5 Mln Shares At $11.60/share - Quick Facts

(RTTNews) - Vanda Pharmaceuticals Inc. (VNDA) Wednesday announced the sale of 5 million shares of its common stock in an underwritten public offering at a price to the public of $11.60 per share.

Net proceeds from the sale are expected to be about $54.0 million, after deducting underwriting discounts and commissions and other estimated offering expenses, but excluding any exercise of the underwriters' option to purchase additional shares of common stock.

Vanda anticipates to use the net proceeds from this offering for sales and marketing expenditures in connection with the commercialization of HETLIOZ in the U.S. for the treatment of Non-24-Hour Sleep-Wake Disorder, research and development activities and other general corporate purposes.

The offering is expected to close on or about November 3, 2014, subject to customary closing conditions.

In addition, Vanda has granted the underwriters a 30-day option to purchase up to an additional 750,000 shares of common stock on the same terms and conditions.