AndreyPopov/iStock via Getty Images Vanda Pharmaceuticals ( NASDAQ: VNDA ) jumped 22% in premarket trading on a report that Cycle Pharmaceuticals has made an unsolicited takeover offer. Cycle is offering to acquire Vanda ( VNDA ) for $8 a share in cash, valuing the drugmaker at $460 million, according to a Bloomberg report on Thursday, which cited people familiar with the matter. The offer represents a 58% premium to Vanda's closing price on Wednesday.
The offer comes after Vanda ( VNDA ) late last month r ejected a sweetened bid of $7.25 to $7.75 a share in cash from Future Pak last month.
The unsolicited offer for Vanda ( VNDA ) may be announced as soon as Thursday, according to the report. Cambridge, UK-based Cycle has drugs that treat rare metabolic and immunological conditions as well as multiple sclerosis. Vanda ( VNDA ) is set to present at the Jefferies Global Healthcare Conference at 2 pm on Thursday.
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