Tang Capital begins rebuilding stake in Vanda after Lehman bankruptcy

By Angela McDaniels

Tacoma, Wash., Nov. 17 - Vanda Pharmaceuticals Inc. investors led by Tang Capital Partners, LP purchased 560,000 shares of the company's stock on Nov. 7 for $0.8291 apiece, according to a schedule 13D/A filing with the Securities and Exchange Commission.

The investors beneficially own 3,520,852 shares, or 13.2%, of the company's stock.

Tang Capital said it previously held 2,658,206 shares of Vanda stock in an account at Lehman Brothers International (Europe), which was placed into administration on Sept. 15 in tandem with the bankruptcy of Lehman Brothers Holdings Inc.

Tang Capital has been advised that most of these shares were rehypothecated and that Lehman Brothers Interantional's customers will not be able to recover rehypothecated shares but instead will be entitled to a general unsecured claim for those shares.

Vanda is a Rockville, Md.-based pharmaceuticals firm.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.