Vanda Pharmaceuticals Inc. priced an underwritten public offering of 5.5 million common shares at $17 each to raise $93.5 million in gross proceeds.
The offering, which is expected to close by March 20, will help the Washington, D.C.-based company raise funds for commercial, research and development activities.
Citigroup and Jefferies are acting as joint book-running managers for the offering, with Stifel acting as book-running manager.
JMP Securities is acting as lead manager, and Oppenheimer & Co. is acting as co-manager.
Vanda Pharmaceuticals, which develops treatments for central nervous systems disorders, granted the offering's underwriters an option to buy up to an additional 825,000 shares.
