Vanda Pharmaceuticals, Inc. to Fight Shareholder Liquidation Proposal

Published: Feb 24, 2009

Feb 23 (Reuters) - Vanda Pharmaceuticals Inc on Monday rejected calls by a major shareholder to liquidate the company, saying it still saw value in its development slate. Last week, Vanda shareholder Kevin Tang, who has a 14.9 percent stake in the company, urged the company to immediately cease operations and said he plans to nominate two members to the company's board, including himself. On Monday, Vanda said it plans to fight Tang's proposal and instead nominate Chief Executive Mihael Polymeropoulos and Chairman Argeris Karabelas for reelection to its board at the annual shareholder meeting.

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