Vanda Pharma Gets Second Unsolicited Acquisition Offer From Cycle Group

(RTTNews) - Vanda Pharmaceuticals Inc. (VNDA) confirmed on Monday that it received a second unsolicited, non-binding proposal from Cycle Group Holdings Ltd. to acquire the company for $8.00 per share in cash.

Vanda received Cycle Group's second proposal on September 23, 2024. The terms of the proposal are economically identical to the previously evaluated and rejected indication of interest received from Cycle Group on May 24, 2024.

Vanda's Board of Directors said it carefully reviewed the second proposal and unanimously determined that it substantially undervalues Vanda and is not in the company's and its stockholders' best interests. Accordingly, the Board has determined not to pursue the proposal.

The Board and management team remain confident that Vanda's growth profile, strong cash position and efficient operations position the Company well for significant long-term value creation far in excess of the consideration offered by Cycle Group.