Future Pak Confirms Offer To Buy Vanda For $7.25 - $7.75 Per Share In Cash; VNDA Up Over 28%

(RTTNews) - Future Pak LLC, a privately-held contract maker and packager of pharmaceutical and nutraceutical products, on Wednesday confirmed its most recent proposal to acquire Vanda Pharmaceuticals, Inc. (VNDA) for $7.25 to $7.75 per share in cash.

Future Pak has submitted three proposals since February to acquire Vanda.

The current proposal implies a premium of 79 percent to 91.4 percent to Vanda's closing price of $4.05 as of April 16.

Future Pak has also expressed a willingness to explore various ways to further improve its proposal that could provide Vanda additional upside beyond the stated cash consideration.

Vanda hasn't yet responded to the company's attempts to engage in fruitful discussions.

VNDA was trading up by 28.67 percent at $5.190 in the pre-market trade on the Nasdaq.