Vanda and Novartis to settle arbitration, with rights to Fanapt returned
US biopharma firm Vanda Pharmaceuticals (Nasdaq: VNDA) says it has reached a settlement agreement with Swiss drug major Novartis (NOVN: VX) related to the ongoing license arbitration proceedings on Fanapt (iloperidone), its drug to treat schizophrenia.
Vanda’s shares declined for the majority of the morning Monday and closed down by 0.34 at $11.91, but leapt 17.5% to $14.00 in after-hours trading.
Settlement includes buying $25 million equity stake in Vanda
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