As the smoke clears from the resolution of Vanda Pharmaceuticals Inc.'s tussle with Novartis AG over the approved but weak-selling schizophrenia drug Fanapt (iloperidone), investors are turning their eyes toward AQW051, the phase II alpha-7 nicotinic acetylcholine receptor partial agonist that Vanda gained – along with a $25 million equity investment – in its settlement with the pharma giant.