AndreyPopov/iStock via Getty Images Vanda Pharmaceuticals ( NASDAQ: VNDA ) traded lower in the premarket Thursday after its board of directors rejected two unsolicited buyout proposals by Cycle Group Holdings and Future Pak, LLC, citing concerns over valuation. The decision comes after contract manufacturer Future Pak revised the cash portion of its latest takeover bid to $8.50–$9.
00 from $7.25 to $7.75 per share last week.
The offer included potential additional payments worth up to $260M linked to contingent value rights, making the total bid valued at $12.77–$13.27 per share.
Early this month, Cycle Group also offered to acquire the company for $8.00 per share in cash, valuing Vanda ( VNDA ) at $466M. VNDA identified the proposals as "opportunistic attempts to purchase the company's shares at a discount to Vanda's intrinsic value.
"Both substantially undervalue Vanda and are not in the best interests of the company and its shareholders," the Washington, DC-based biotech added. More on Vanda Pharmaceuticals Vanda Pharmaceuticals: Undervalued With Promising Pipeline And Acquisition Interest Vanda Pharmaceuticals, Inc. (VNDA) Q1 2024 Earnings Call Transcript Vanda Pharmaceuticals: Fanapt Bipolar Win Doesn't Change Much Vanda Pharmaceuticals gains as Future Pak raises offer to $8.
50-$9 a share (update) Vanda Pharma surges on $8 a share takeover offer from Cycle Pharma (update).