Vanda rejects ‘opportunistic’ takeover attempts
Acquisition
Vanda Pharmaceuticals’ board rejected two recent takeover offers as they are not in the best interests of the company and its shareholders. Vanda said the separate approaches by Cycle Pharmaceuticals and Future Pak are “opportunistic attempts” to purchase the drugmaker at a discount to its intrinsic value.
In April, Vanda first disclosed that it had rebuffed a number of buyout offers from Future Pak, with the most recent proposal at that time being $7.25 to $7.75 per share in cash. Future Pak subsequently increased its offer to include contingent value rights (CVRs) of up to $4.37 per share linked to milestones for Fanapt (iloperidone) and tradipitant; the proposal was also rejected by Vanda.
Soon after, Cycle Pharmaceuticals showed its hand, tabling a cash takeout offer of $8.00 per share, or approximately $466 million. In response, Future Pak upped its proposal, submitting a potential deal worth $8.50 to $9.00 per share in cash plus certain CVRs.
Vanda said Thursday that it has now reviewed both offers and continues to believe that they undervalue the company.
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