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Vanda Pharmaceuticals prices common stock offering

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.