Vanda Jumps After Regaining Drug Rights From Novartis
Shares of biotech Vanda Therapeutics (VNDA) soared nearly 25% at one point on the stock market today, to an almost five-month high, after the company settled a lawsuit with its Big Pharma partner and regained full rights to schizophrenia drug Fanapt. Late Monday, Vanda said Novartis (NVS) had agreed to transfer U.S. and Canadian rights to Fanapt to Vanda and make a $25 million equity investment in the firm. Vanda had been drawing just a 10%