Vanda Pharmaceuticals Inc. ("Vanda" or the "Company") (Nasdaq: VNDA) today confirmed that it has received a revised unsolicited proposal from Future Pak, LLC ("Future Pak") to acquire the Company. The revised proposal consists of a $7.25 to $7.75 per share in cash plus certain Contingent Value Rights ("CVRs"). The amended proposal follows Vanda's review and rejection of a prior unsolicited proposal from Future Pak to acquire the Company for $7.25-$7.75 per share.
Privately held contract manufacturer Future Pak said on Tuesday it will sweeten its buyout offer for Vanda Pharmaceuticals to include contingent value rights, in addition to the proposed offer price of $7.25 to $7.75 per share in cash. The rights would provide additional benefits to Vanda shareholders if certain performance targets are met. Future Pak said the revised offer includes up to $260 million of potential contingent value rights, or CVR payments, and represents up to $4.37 per share in additional value for Vanda.
Vanda Pharmaceuticals Inc. (Vanda) (Nasdaq: VNDA) today announced it will release results for the first quarter 2024 on Wednesday, May 8, 2024, after the market closes.