Shareholders of Vanda Pharmaceuticals (NASDAQ:VNDA) are not the only happy people today as the stock currently is up over $10 per share on news of a successful Phase III trial of their antipsychotic drug Iloperidone.
Another happy party is MedImmune Ventures Inc., a wholly owned venture capital subsidiary of MedImmune (MEDI). MedImmune Ventures, Inc. was formed in 2002 and seeded over the course of the year with $200 million.
To date they have invested in ~15 early and mid-stage biotech companies with Vanda Pharmaceuticals being one of those. Over the last couple of weeks MedImmune Ventures, Inc. has registered to sell 964,000 shares of Vanda.
At $25 per share this equals $24,100,000, not a bad start for this young venture capital company.