Vanda regains Fanapt rights

Vanda Pharmaceuticals Inc. (Nasdaq: VNDA) will regain all U.S. and Canadian rights to the schizophrenia treatment Fanapt from Novartis. Novartis will also make a $25 million equity investment in Vanda and grant Vanda an exclusive worldwide license to AQW051, a phase II alpha-7 nicotinic acetylcholine receptor partial agonist. Shares of the biopharmaceutical climbed $1.67 to close at $13.58.