Future Pak, Ltd. cancelled the acquisition of Vanda Pharmaceuticals Inc. from The Vanguard Group, Inc., State Street Corporation, BlackRock, Inc., Dimensional Fund Advisors LP and others.
April 16, 2024
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Future Pak, Ltd. made a proposal to acquire Vanda Pharmaceuticals Inc. (NasdaqGM:VNDA) from The Vanguard Group, Inc., State Street Corporation (NYSE:STT), BlackRock, Inc. (NYSE:BLK), Dimensional Fund Advisors LP and others for approximately $450 million on April 1, 2024. As reported, Future Pak LLC most recent proposal is to acquire all of the outstanding shares of Vanda Pharmaceuticals for a cash consideration of $7.25 to $7.75 per share, The proposal remains open for Vanda and its Board of Directors to consider. Future Pak would not require a financing contingency in connection with a transaction and has the full support of its strategic financial partner, Colbeck Capital Management. With full access to necessary due diligence, Future Pak believes it could reach a definitive agreement with Vanda and announce a transaction in four to six weeks. Future Pak has engaged Moelis & Company LLC as financial advisor and Honigman LLP as legal advisor.
Future Pak, Ltd. cancelled the acquisition of Vanda Pharmaceuticals Inc. (NasdaqGM:VNDA) from The Vanguard Group, Inc., State Street Corporation (NYSE:STT), BlackRock, Inc. (NYSE:BLK), Dimensional Fund Advisors LP and others on April 17, 2024. The Vanda Board carefully reviewed the unsolicited acquisition proposal and concluded that it is not in the best interests of Vanda and its stockholders, as it significantly undervalues the company in light of its robust clinical development pipeline, expanding commercial presence, significant, cash balance and long-term future growth prospects.. rejected unsolicited acquisition proposals from Future Pak. The Vanda Board, hence rejected unsolicited acquisition proposals from Future Pak.
Vanda Pharmaceuticals Inc. is a biopharmaceutical company, which is focused on the development and commercialization of therapies to address high unmet medical needs and improve the lives of patients. The Companyâs commercial portfolio is comprised of three products: HETLIOZ for the treatment of non-24-hour sleep-wake disorder (Non-24) and for the treatment of nighttime sleep disturbances in smith-magenis syndrome (SMS), Fanapt (iloperidone) for the treatment of bipolar I disorder and a long acting injectable (LAI) formulation for the treatment of schizophrenia, and PONVORY (ponesimod) for the treatment of inflammatory/autoimmune disorders, including ulcerative colitis, psoriasis, Crohn's disease, atopic dermatitis, eosinophilic esophagitis and alopecia areata. The Company also has a range of drugs in development, including Tradipitant (VLY-686), VHX-896, VSJ-110, VPO-227, VTR-297, VQW-765, VCA-894A and Type 2S (CMT2S).
Future Pak, Ltd. cancelled the acquisition of Vanda Pharmaceuticals Inc. from The Vanguard Group, Inc., State Street Corporation, BlackRock, Inc., Dimensional Fund Advisors LP and others.