WASHINGTON, March 15, 2018 /PRNewswire/ -- Vanda
Pharmaceuticals Inc. (Vanda) (Nasdaq: VNDA) today announced the
sale of 5,500,000 shares of its common stock in an underwritten
public offering at a price to the public of $17.00 per share. The gross offering proceeds to
Vanda from the sale of the shares are expected to be approximately
$93.5 million. After deducting
underwriting discounts and commissions and other estimated offering
expenses, the net offering proceeds to Vanda are expected to be
approximately $87.6 million. In
addition, Vanda has granted the underwriters a 30-day option to
purchase up to an additional 825,000 shares of common stock on the
same terms and conditions.
Vanda anticipates using the net proceeds from this offering for
commercial, research and development activities and other general
corporate purposes. The offering is expected to close on or about
March 20, 2018, subject to customary
closing conditions.
Citigroup and Jefferies are acting as joint book-running
managers for the offering. Stifel is also acting as a book-running
manager for the offering. JMP Securities is acting as the lead
manager for the offering and Oppenheimer & Co. is acting as the
co-manager for the offering.
The shares described above will be issued pursuant to a
prospectus supplement filed as part of a shelf registration
statement on Form S-3 previously filed with and declared effective
by the Securities and Exchange Commission (SEC). The offering may
be made only by means of a prospectus supplement and the
accompanying prospectus, copies of which may be obtained by sending
a request to: Citigroup, c/o Broadridge Financial Solutions, 1155
Long Island Avenue, Edgewood, NY
11717 or telephone: (800) 831-9146 or Jefferies LLC,
Attention: Equity Syndicate Prospectus Department, 520 Madison
Avenue, 2nd Floor, New York, NY
10022, by telephone at (877) 821-7388 or by email at
prospectus_department@jefferies.com. Vanda intends to file a final
prospectus supplement relating to the offering with the SEC, which
will be available along with the accompanying prospectus filed with
the SEC in connection with the shelf registration, on the SEC's
website at www.sec.gov.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy any securities of Vanda, nor will
there be any sale of these securities in any state or other
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or other jurisdiction.
About Vanda Pharmaceuticals Inc.
Vanda is a
global biopharmaceutical pharmaceutical company focused on the
development and commercialization of innovative therapies to
address high unmet medical needs and improve the lives of
patients.
Cautionary Statement Regarding Forward-Looking
Statements
This communication includes forward-looking statements
regarding events, trends and business prospects, which may affect
Vanda's future operating results and financial position. Such
statements, including, but not limited to, those regarding
statements about Vanda's expectations regarding its fundraising
efforts, including the closing of the public offering, the
anticipated use of proceeds from the public offering and the
underwriters' exercise of their option to purchase additional
shares, involve known and unknown risks that relate to Vanda's
future events or future financial performance and the actual
results could differ materially from those discussed in this
communication. Risks and uncertainties that may cause Vanda's
actual results to differ materially from those discussed in this
communication can be found in the "Risk Factors" section of Vanda's
Form 10-K, Forms 10-Q and its other filings with the Securities and
Exchange Commission. Readers are cautioned not to place undue
reliance on these forward-looking statements that speak only as of
the date hereof, and Vanda assumes no responsibility to update or
revise any forward-looking statements contained in this
communication to reflect events, trends or circumstances after the
date of this communication.
Company Contact:
Jim
Kelly
Executive Vice President and Chief Financial
Officer
Vanda Pharmaceuticals Inc.
(202) 734-3428
jim.kelly@vandapharma.com
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SOURCE Vanda Pharmaceuticals Inc.