Vanda Pharma Prices Stock Offering

(RTTNews) - Vanda Pharmaceuticals Inc. (VNDA) on Wednesday announced the sale of 4.68 million shares of its common stock in an underwritten public offering at a price to the public of $11.14 per share.

In addition, Vanda has granted the underwriters a 30-day option to purchase up to an additional 702,000 shares of common stock on the same terms and conditions, solely to cover over-allotments, if any.

The offering is expected to close on or about August 12.

The net offering proceeds to Vanda from the sale of the shares are expected to be about $48.3 million, after deducting underwriting discounts and commissions and other estimated offering expenses, but excluding any exercise of the underwriters' over-allotment option.

Vanda anticipates using the net proceeds from this offering for sales and marketing expenditures which may include commercial launch activities for tasimelteon for the treatment of Non-24-Hour Disorder following the receipt of regulatory approval, if any, research and development activities and other general corporate purposes.