Santa Delivers Presents: Vanda Pharmaceuticals (VNDA) Settlement, Peerless Systems (PRLS) Buyout |
Posted: December 22, 2014 |
Vanda Pharmaceuticals, Inc. (VNDA) Keep a close eye on VNDA. The company said that it has reached a settlement agreement with Novartis AG (NVS) related to the ongoing Fanapt(R) license arbitration proceedings. As a part of the settlement agreement, Novartis will transfer all US and Canadian rights in the Fanapt(R) franchise to VNDA, Novartis will make a $25 million equity investment in VNDA at a price per share equal to $13.82 and Novartis will grant to VNDA an exclusive worldwide license to AQW051, a phase II alpha-7 nicotinic acetylcholine receptor partial agonist. According to VNDA, the addition of the US and Canadian rights for Fanapt to its commercial portfolio, which includes Hetlioz for the treatment of Non24, has the potential to be transformational for the company. Fanapt(R) is currently approved in the US for the treatment of schizophrenia in adults and has patent coverage through two key patents, a new chemical entity patent set to expire in November of 2016 and a method of treatment patent set to expire in 2027. Fanapt is also approved and marketed in Israel and Mexico. VNDA is a biopharmaceutical company focused on the development and commercialization of products for the treatment of central nervous system disorders. More about Vanda Pharmaceuticals, Inc. (VNDA) at www.vandapharma.com. * Peerless Systems Corp. (PRLS) PRLS reported that it has entered into a definitive merger agreement to be acquired by Mobius Acquisition, LLC for $7.00 per share in cash, pursuant to a cash tender offer and second step merger. Upon completion of the transaction (subject to customary closing conditions), PRLS will become a privately held company. Under the terms of the merger agreement, PRLS intends to solicit superior proposals from third parties pursuant to a "go-shop" provision in the Merger Agreement until the earlier of the 50th day following execution of the Merger Agreement and the closing of the Tender Offer. There can be no assurances that the solicitation of proposals will result in an alternative transaction. If PRLS terminates the Merger Agreement due to a breach by Mobius, or because Mobius fails to consummate the Tender Offer or the Merger, Mobius is required to pay to PRLS a termination fee in the amount of $6,000,000. Payment of such termination fee is secured by a letter of credit from First Niagara Bank. According to the terms of the merger agreement, Mobius will commence a cash tender offer to purchase all of the outstanding shares of PRLS' common stock no earlier than January 6, 2015 and no later than January 13, 2015. In 2008, PRLS sold its imaging and networking technologies and certain other assets to Kyocera-Mita Corporation. PRLS retains certain rights to continue licensing these technologies to customers in the digital document markets. PRLS' 80% owned subsidiary Deer Valley Corporation designs and manufactures factory built homes, and provides dealer inventory-secured financing, and warranty and repair services for its factory built homes. More about Peerless Systems Corp. (PRLS) at www.peerless.com * Crown Equity Holdings Inc. (CRWE) The company is currently developing its CRWE Network ( www.CRWE-PR.com ), a growing network of community targeted sites. It has recently included the City of San Jose, CA ( www.sanjose.crwe-pr.com ) to the CRWE Network. San Jose is the third-largest city in California, the tenth-largest in the United States, and the county seat of Santa Clara County. The large concentration of high-technology engineering, computer, and microprocessor companies around San Jose has led the area to be known as Silicon Valley. As the largest city in the valley, San Jose has billed itself "the capital of Silicon Valley." The City of San Jose had an estimated population in 2013 (U.S. Census Bureau) of 998,537, and represents an important marketplace for the CRWE Network, which business model is based on selling advertising to businesses targeting both locally and nationally One of the primary goals of the CRWE Network is to offer business owners the power of consumer targeting advertisements on a local and national scale. The CRWE Network has reached the 1486th community website in the U.S., associated with 3456 ZIP Codes, and includes coverage in the states of California, Mississippi, Michigan, Florida, Nevada and New York, as well as across 10 provinces in Canada. CRWE provides marketing solutions that boost customer awareness and merchant visibility on the Internet More about Crown Equity Holdings Inc. (CRWE) at www.crownequityholdings.com ** Disclaimer: This material is for informational purposes only and should not be construed as an offer or solicitation of an offer to buy or sell securities. Investors should always conduct their own due diligence with any potential investment, with independent research and other professional advice. Read Full Disclaimer at CRWE-PR Finance www.finance.crwe-pr.com/disclaimer
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