Vanda vetoes shareholder liquidation calls
The USA's Vanda Pharmaceuticals has responded to its shareholder Tang Capital Partners, which intends to nominate two directors to stand for election to Vanda's board and take action to liquidate the company over delays in the approval of its schizophrenia drug iloperidone (Marketletter August 4, 2008).
"The board is disappointed that Tang Capital has opted to conduct an election contest, particularly when the company is so close to receiving a response from the FDA regarding its lead compound, iloperidone," said board member Brian Halak. "Instead of working with us to maximize stockholder value, Tang Capital has chosen to create unnecessary costs and distractions for the company at this important time," he added.
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