This licensing deal represents a strategically significant acquisition for Vanda Pharmaceuticals, securing a de-risked late-stage asset with immediate regulatory filing potential. The transaction structure is notably favorable, with $15 million in upfront commitments and $35 million in milestone payments, plus 10% royalties - a relatively modest investment for a Phase 3-complete rare disease asset. Several key value drivers make this deal particularly compelling: The deal's structure suggests careful risk management by both parties. The modest upfront payment coupled with milestone-based payments aligns interests while preserving Vanda's capital. The 10% royalty rate is within industry standards for a late-stage asset, reflecting the completed development work while maintaining profitability potential for Vanda. The immediate focus on BLA/MAA preparations indicates potential commercialization within 12-18 months, assuming standard regulatory review timelines.