Vanda Pharmaceuticals Confirms Receipt of Revised Unsolicited Takeover Proposal from Future Pak

Rhea-AI Summary

Vanda Pharmaceuticals has received a revised unsolicited takeover proposal from Future Pak offering $7.25 to $7.75 per share in cash plus Contingent Value Rights. Vanda's Board of Directors will review the proposal to determine the best course of action. Shareholders do not need to take any action at this time.

No Shareholder Action Required at This Time

WASHINGTON, May 7, 2024 /PRNewswire/ -- Vanda Pharmaceuticals Inc. ("Vanda" or the "Company") (Nasdaq: VNDA) today confirmed that it has received a revised unsolicited proposal from Future Pak, LLC ("Future Pak") to acquire the Company. The revised proposal consists of a $7.25 to $7.75 per share in cash plus certain Contingent Value Rights ("CVRs"). The amended proposal follows Vanda's review and rejection of a prior unsolicited proposal from Future Pak to acquire the Company for $7.25-$7.75 per share.

Consistent with its fiduciary duties, and in consultation with its independent financial and legal advisors, Vanda's Board of Directors will carefully review and evaluate the revised unsolicited proposal to determine the course of action that it believes is in the best interests of Vanda and its shareholders.

Vanda does not intend to comment further on the revised, unsolicited proposal before the Board has completed its review.

There is no action for shareholders to take at this time.

About Vanda Pharmaceuticals Inc. 
Vanda is a leading global biopharmaceutical company focused on the development and commercialization of innovative therapies to address high unmet medical needs and improve the lives of patients. For more on Vanda Pharmaceuticals Inc., please visit www.vandapharma.com and follow us on X @vandapharma.

Vanda Corporate Contact: 
Kevin Moran
Senior Vice President, Chief Financial Officer and Treasurer Vanda Pharmaceuticals Inc.
202-734-3400
pr@vandapharma.com

Jim Golden / Jack Kelleher / Dan Moore
Collected Strategies
VANDA-CS@collectedstrategies.com

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SOURCE Vanda Pharmaceuticals Inc.

FAQ

What proposal has Vanda Pharmaceuticals received from Future Pak?

Vanda Pharmaceuticals received a revised unsolicited proposal from Future Pak to acquire the company for $7.25 to $7.75 per share in cash plus certain Contingent Value Rights.

What will Vanda's Board of Directors do?

Vanda's Board of Directors will carefully review and evaluate the revised unsolicited proposal to determine the best course of action.

Do shareholders need to take any action at this time?

No, there is no action required for shareholders at this time.

What is the stock symbol for Vanda Pharmaceuticals?

The stock symbol for Vanda Pharmaceuticals is VNDA.