Welcome to our dedicated page for Vanda Pharmaceuticals news (Ticker: VNDA), a resource for investors and traders seeking the latest updates and insights on Vanda Pharmaceuticals stock.
Vanda Pharmaceuticals Inc., traded under the symbol VNDA on Nasdaq, is a specialty biopharmaceutical company dedicated to the development and commercialization of innovative therapies. Vanda's primary focus is on addressing high unmet medical needs to improve the lives of patients. The company's commercial portfolio includes HETLIOZ for Non-24-Hour Sleep-Wake Disorder and nighttime sleep disturbances in Smith-Magenis Syndrome, and Fanapt for schizophrenia. Recently added to its portfolio is PONVORY, a treatment for multiple sclerosis.
Other promising products in Vanda's pipeline include VHX-896, ASO Molecules, VQW-765, Tradipitant (in clinical studies for gastroparesis and motion sickness), and VTR-297. Vanda's robust R&D efforts are highlighted by substantial advancements, such as the initiation of clinical programs in conditions like depression, psoriasis, ulcerative colitis, and pediatric insomnia.
In recent financial news, Vanda reported a net loss of $4.1 million for Q1 2024, a shift from a net income of $3.3 million in Q1 2023. Despite this, the company maintains a strong cash position and expects significant growth from upcoming milestones, including the launch of Fanapt in acute bipolar I disorder and PONVORY in multiple sclerosis.
Recently, Vanda made headlines with the FDA approval of tradipitant for preventing vomiting induced by motion sickness, and the commencement of a comprehensive marketing program for PONVORY following its acquisition from a Johnson & Johnson company. Additional corporate activities involve evaluating unsolicited acquisition proposals, indicating a strategic interest in Vanda’s innovative portfolio.
For more detailed information, investors can visit www.vandapharma.com and follow Vanda on social media platforms.
Vanda Pharmaceuticals reported Q2 2024 financial results with total net product sales of $50.5 million, a 10% increase year-over-year. Key highlights include:
1. Fanapt® net sales of $23.2 million, down 4% YoY but up 12% QoQ
2. HETLIOZ® net sales of $18.7 million, down 15% YoY due to generic competition
3. PONVORY® net sales of $8.6 million, up 26% QoQ
4. Net loss of $4.5 million compared to net income of $1.5 million in Q2 2023
5. Cash position of $387.7 million as of June 30, 2024
Vanda reinstated 2024 financial guidance, projecting total revenues of $180-$210 million and year-end cash of $360-$390 million. The company also highlighted progress in its product pipeline, including the commercial launch of Fanapt® for bipolar I disorder and PONVORY® for multiple sclerosis in Q3 2024.
Vanda Pharmaceuticals (Nasdaq: VNDA) has announced it will release its second quarter 2024 financial results on Wednesday, July 31, 2024, after market close. The company will host a conference call at 4:30 PM ET on the same day to discuss the results and other corporate activities. Investors can participate by dialing 1-800-715-9871 (domestic) or 1-646-307-1963 (international) using passcode 1278669.
The call will be broadcast live and archived on Vanda's website. A replay will be available from 8:30 PM ET on July 31 until 11:59 PM ET on August 7, 2024. The replay call-in numbers are 1-800-770-2030 (domestic) and 1-609-800-9909 (international), with the same passcode.
Vanda Pharmaceuticals announced that the U.S. District Court for the District of Delaware has allowed its patent lawsuit against Teva Pharmaceuticals and Apotex to proceed. The suit, filed in December 2022, alleges patent infringement related to HETLIOZ®. Teva and Apotex's motions for judgment on the pleadings were denied on June 27, 2024. The court determined that the issues of patentability require further claim construction and fact development. Vanda aims to seek an injunction to stop the defendants from marketing their generic versions of HETLIOZ® until the patent expires.
On June 19, 2024, Vanda Pharmaceuticals (Nasdaq: VNDA) announced its Board of Directors rejected unsolicited takeover proposals from Cycle Group Holdings and Future Pak The offers were $8.00 per share in cash from Cycle Group and $8.50-$9.00 per share in cash plus Contingent Value Rights (CVRs) from Future Pak. The Board determined these proposals undervalue Vanda, citing their clinical development pipeline, commercial presence, and significant cash balance. They deemed the CVRs speculative due to uncertain commercial milestones under Future Pak's management. Vanda remains confident in its long-term growth and value creation potential.
Vanda Pharmaceuticals has received a revised unsolicited takeover proposal from Future Pak, which offers $8.50-$9.00 per share in cash plus Contingent Value Rights. The proposal is currently non-binding. Vanda's Board, consulting with financial and legal advisors, will review this proposal to determine the best course of action for the company and its shareholders.
No immediate action is required from shareholders, and Vanda will not make further comments until the review is complete.
Vanda Pharmaceuticals confirmed receiving an unsolicited, non-binding indication of interest from Cycle Group Holdings to acquire the company for $8.00 per share in cash.
The Vanda Board of Directors will review the offer with their financial and legal advisors to determine the best course of action for the company and its shareholders.
No shareholder action is required at this time, and Vanda does not intend to comment further until the review is complete.
Cycle Pharmaceuticals has proposed an all-cash acquisition of Vanda Pharmaceuticals at $8.00 per share, representing a 98% premium over Vanda's closing price on April 16, 2024. This proposal exceeds the latest offer from Future Pak and provides a compelling value for Vanda shareholders. Cycle assures full financing and no contingency on this offer, valuing the transaction at $466 million. The proposal aims to offer immediate and certain cash value, benefiting both shareholders and patients due to Cycle's strong U.S. presence and proven commercial strategy. Cycle is ready to negotiate and finalize the agreement swiftly.
Vanda Pharmaceuticals will participate in the Jefferies 2024 Global Healthcare Conference in New York City on June 6, 2024. The company will deliver a corporate presentation at 2:00 p.m. ET, accessible live on Vanda's corporate website. Investors can register and view the presentation by clicking on the Investors tab and following the link under Recent Events. A recording of the presentation will be available on the website for 30 days post-conference.
Vanda Pharmaceuticals announced the completion of the transfer of the U.S. New Drug Application and Investigational New Drug Applications for PONVORY® (ponesimod) from a Johnson & Johnson Company on May 30, 2024. This milestone enables Vanda to fully commercialize PONVORY® in the U.S. and commence clinical development programs. PONVORY® is approved by the FDA and Health Canada for treating adults with relapsing forms of multiple sclerosis, including clinically isolated syndrome, relapsing-remitting disease, and active secondary progressive disease (RMS). Vanda acquired U.S. and Canadian rights to PONVORY® on December 7, 2023. In preparation for a Q3 2024 commercial launch, Vanda is creating a specialty sales force, a prescriber awareness program, and a comprehensive marketing strategy.
Vanda Pharmaceuticals has announced its participation in SLEEP 2024, a conference set to take place in Houston, TX from June 1-5, 2024. The company will present four research studies on June 4, 2024, conducted by Dr. Sandra Paulina Smieszek, Head of Genetics. The presentations will cover drug and CRISPR/Cas9 screening of HCN channels, the impact of melanopsin crispants in zebrafish on sleep latency, genetic variants linked to dim light melatonin onset in delayed sleep-wake phase disorder (DSWPD) patients, and genetic variants associated with total sleep time (TST) and latency to persistent sleep (LPS) in insomnia patients based on whole genome sequencing.
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