Vanda Pharmaceuticals Enters into an Exclusive License Agreement with Megapharm for Commercialization of Fanapt in Israel

Vanda Pharmaceuticals Inc.

today announced its exclusive license agreement with Megapharm Ltd.pharmaceutical and medical nutrition marketing companies, for the commercialization of Fanapt™ in Israel. Under the terms of the agreement, Megapharm will seek regulatory approval for Fanapt™ in Israel. Vanda will supply Megapharm with Fanapt™ drug product for packaging and sale and Megapharm's CNS specialty sales force will promote Fanapt™ to psychiatrists in Israel. The application for regulatory approval of Fanapt™ in Israel was filed in May 2011.