By Ronda Fears
Memphis, April 12 - Vanda Pharmaceuticals, Inc. priced a $57.5 million initial public offering of 5.75 million common shares at $10 each, below the indicative range of $12 to $14.
The offering was brought to market by bookrunner JP Morgan and joint lead manager Banc of America Securities LLC.
Rockville, Md.-based Vanda focuses on product candidates for central nervous system disorders with a portfolio of drugs including Iloperidone for schizophrenia, VEC-162 for insomnia, VSF-173 for excessive daytime sleepiness. Proceeds will be used for research, preclinical development and clinical trials.
Pre-IPO, Care Capital Investments II was the leading shareholder with 9.17 million shares, or 22.8%, followed by Domain Partners with 8.13 million shares, or 20.2%.
| Issuer: | Vanda Pharmaceuticals, Inc.
|
| Issue: | Initial public offering
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| Amount: | $57.5 million
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| Net proceeds: | $51.1 million
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| Shares: | 5.75 million
|
| Greenshoe: | 862,500
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| Price: | $10 per share
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| Price range: | $12 to $14
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| Bookrunner: | JP Morgan Securities, Inc.
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| Joint lead manager: | Banc of America Securities LLC
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| Co-managers: | Thomas Weisel Partners LLC
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| Pricing date: | April 11
|
| Settlement: | April 18
|
| Ticker: | Nasdaq: VNDA
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