Vanda Pharmaceuticals Inc. (VNDA) announced on Monday that it has received a second unsolicited, non-binding acquisition proposal from Cycle Group Holdings Ltd., offering $8.00 per share in cash. This latest proposal, submitted on September 23, 2024, mirrors the terms of a previous offer from Cycle Group initially received and declined on May 24, 2024.
After a thorough evaluation, Vanda's Board of Directors has once again unanimously decided that the proposal significantly undervalues the company and does not serve the interests of Vanda and its shareholders. Consequently, the Board has opted not to pursue this offer.
The Board and management team maintain their confidence in Vanda's potential for substantial long-term value creation, supported by its strong growth trajectory, robust cash reserves, and efficient operations—factors they believe far exceed the value proposed by Cycle Group.
