Vanda/Titan Score Novartis Pact (VNDA, TTNP)

Posted in pre-market 
October 13th, 2009

Vanda Pharmaceuticals Inc. (NASDAQ: VNDA) is one of this mornings top gainers on active trading volume with news that helps it and helps Titan Pharmaceuticals Inc. (Pink Sheets: TTNP).  Shares closed at $11.45 Monday, but are up over 13.5% at $13.00 on 735,000 shares as of 8:43 AM EST.  The news is that Vanda Pharmaceuticals entered into an exclusive agreement with Novartis (NVS) to commercialize and develop Fanapt in the U.S. and Canada. Titan is entitled to receive royalties on global net sales of Fanapt equal to 8% on annual net sales up to $200 million, and 10% on annual net sales above $200 million.

JON C. OGG
OCTOBER 13, 2009

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