Vanda Pharm prices 3.8M stock offring

Maryland, USA-based Vanda Pharmaceuticals, which is focused on the development and commercialization of clinical-stage product candidates for central nervous system disorders, has announced the offering of 3.8 million shares of its common stock at a price to the public of $27.29 each. All of the shares are newly issued and are being offered by the company, with expected net proceeds of around $96.2 million after deducting underwriting discounts and commissions and estimated offering expenses.

JP Morgan and Morgan Stanley are the joint book-running managers for the offering, with Banc of America Securities and Natexis Bleichroeder as co-managers. Vanda has granted the underwriters a 30-day option to purchase up to an additional 570,000 shares of common stock to cover over-allotments, if any.