ROCKVILLE, Md., Dec. 1 /PRNewswire-FirstCall/ -- Vanda Pharmaceuticals Inc. (Nasdaq: VNDA) announced today that the waiting period has expired under the Hart-Scott-Rodino (HSR) Antitrust Improvements Act of 1976 with respect to Vanda's agreement, dated October 12, 2009, with Novartis Pharma AG, and that the agreement is now effective. Expiration of the waiting period, and the resulting effectiveness of the agreement, triggers an upfront payment to Vanda of $200 million.
Pursuant to the agreement, Novartis will have exclusive commercialization rights to Fanapt(TM) in the U.S. and Canada. Novartis will be responsible for the further clinical development activities in these territories, including the development and commercialization of a long-acting injectable (or depot) formulation of Fanapt(TM). Vanda will retain rights to commercialize Fanapt(TM) oral and depot formulations outside the U.S. and Canada, but Novartis has the option to enter into discussions with Vanda to co-commercialize Fanapt(TM) or receive sales royalties outside the U.S. and Canada.
Vanda Pharmaceuticals Inc. is a biopharmaceutical company focused on the development and commercialization of clinical-stage products for central nervous system disorders. For more on Vanda, please visit http://www.vandapharma.com.
SOURCE Vanda Pharmaceuticals Inc.
|SOURCE Vanda Pharmaceuticals Inc.|
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