Vanda Pharma rejects takeover proposal from Future Pak
- Co announces that it has carefully reviewed the revised unsolicited proposal from Future Pak, LLC to acquire the Company for $7.25 to $7.75 per share in cash plus certain Contingent Value Rights ("CVRs").
- After having consulted with financial and legal advisors, board has unanimously concluded that the proposal substantially undervalues the Company, creates significant risk and uncertainty and is not in the best interests of the Company and its shareholders.
- Accordingly, the Board has rejected the proposal. The Board believes the revised unsolicited proposal is yet another opportunistic attempt to purchase the Company's shares at a discount to Vanda's intrinsic value. The Board and management team remain confident that Vanda's robust revenue, strong cash position and efficient operations position the Company well for significant long-term growth and value creation far in excess of the consideration offered.