Vanda Pharmaceuticals is taking advantage of a spike in its stock price to sell 4.68 million shares following recent US FDA acceptance of its new drug application (NDA) for tasimelteon and the regulator's decision to grant priority review for the sleep disorder drug.
Washington, D.C.-based Vanda priced the 7 August offering at $11.14 per share, mirroring the company's 6 August closing stock price, for net proceeds of $48.3 million. The stock sale could...
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