Tuesday October 13, 12:34 PM
STOCKS NEWS US-Vanda sells drug rights to Novartis, shares rise
Stocks on the move
Real (Frankfurt: BJU.F - news) -time Equity news
U.S. stock market report
0717 ET 13Oct2009-Vanda sells drug rights to Novartis (Virt-X: NOVN.VX - news) , shares rise
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Shares of Vanda Pharmaceuticals Inc (VNDA - news) rallied in
premarket trading on Tuesday, a day after the company reached a
deal with Novartis Ag over its new schizophrenia drug
Fanapt.
Under the terms of the agreement, Novartis paid $200
million to buy the rights to sell the drug in the United States
and Canada.
For details, see
Vanda gained 26 percent to $14.45 in premarket trading.
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