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4-Traders Homepage  >  Equities  >  Nasdaq  >  Vanda Pharmaceuticals Inc.    VNDA

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Vanda To Pay Eli Lilly Up To $100 Million In Drug Development Agreement

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04/16/2012 | 01:50pm CET

Vanda Pharmaceuticals Inc. (>> Vanda Pharmaceuticals Inc.) agreed to pay Eli Lilly Co. (LLY) up to $100 million for the exclusive right to develop a drug that has shown some promise as a treatment for alcohol addiction.

Under its deal with Lilly, the biopharmaceutical company will pay a $1 million initial license fee and take responsibility for all development costs of the VLY-686 drug.

Lilly is also eligible to receive additional payments based upon certain milestones and royalties on sales. These milestones include $4 million for milestones achieved prior to a new drug application and up to $95 million for future regulatory approval and sales milestones.

Vanda, which focuses on treatments for central nervous system disorders, noted that prior research of VLY-686 has focused on its potential as a novel therapeutic for individuals struggling with dependence on alcohol.

"The licensing of VLY-686 is an important milestone for Vanda, as we continue to realize our vision of developing treatments to address unmet medical needs," said Chief Executive Mihael H. Polymeropoulos.

Vanda in February reported it swung to a loss in the fourth quarter as increased expenses outweighed higher revenue for the period.

Shares closed Friday at $4.49 and were inactive in premarket trade. The stock has slumped 42% over the past year.

-By Mia Lamar, Dow Jones Newswires; 212-416-3207; mia.lamar@dowjones.com

Stocks mentioned in the article : Vanda Pharmaceuticals Inc.
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Financials ($)
Sales 2017 168 M
EBIT 2017 -20,2 M
Net income 2017 -21,3 M
Debt 2017 -
Yield 2017 -
P/E ratio 2017 -
P/E ratio 2018 500,00
Capi. / Sales 2017 3,92x
Capi. / Sales 2018 3,23x
Capitalization 659 M
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Average target price 22,3 $
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NameTitle
Mihael Hristos Polymeropoulos President, Chief Executive Officer & Director
H. Thomas Watkins Chairman
James Patrick Kelly Chief Financial Officer, Treasurer & Senior VP
Paolo Baroldi Chief Medical Officer & Senior Vice President
Vincent J. Milano Independent Director
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