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WASHINGTON, June 19, 2024 /PRNewswire/ — Vanda (NASDAQ:) Prescription drugs Inc. (Vanda) (Nasdaq: VNDA) at present introduced that the Firm’s Board of Administrators (the “Board”), following cautious evaluation and session with its impartial monetary and authorized advisors, has decided that the unsolicited proposal from Cycle Group Holdings Ltd (“Cycle Group“) to accumulate Vanda for $8.00 per share in money and the revised unsolicited proposal from Future Pak, LLC (“FP”) to accumulate Vanda for $8.50-$9.00 per share in money plus sure Contingent Worth Rights (“CVRs”) each considerably undervalue Vanda and will not be in the very best pursuits of the Firm and its shareholders. Accordingly, the Board has rejected the proposals.
The Vanda Board once more evaluated all points of Vanda’s enterprise towards the unsolicited proposals and decided that the proposals are opportunistic makes an attempt to buy the Firm’s shares at a reduction to Vanda’s intrinsic worth. The Board’s prior evaluation of the corporate’s scientific improvement pipeline, increasing industrial presence and important money steadiness stays unchanged. The Board additionally reached the identical conclusion because it reached beforehand concerning the speculative nature of the CVRs given the uncertainty surrounding the achievement of the industrial milestones beneath FP’s administration.
The Board and administration workforce stay assured that Vanda’s sturdy income, sturdy money place and environment friendly operations place the Firm nicely for important long-term progress and worth creation far in extra of the consideration provided by Cycle Group and FP.
There is no such thing as a motion for shareholders to take right now.
About Vanda Prescription drugs Inc.
Vanda is a number one international biopharmaceutical firm centered on the event and commercialization of modern therapies to deal with excessive unmet medical wants and enhance the lives of sufferers. For extra on Vanda Prescription drugs Inc., please go to www.vandapharma.com and comply with us on X @vandapharma.
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS
Numerous statements on this press launch, together with, however not restricted to, statements concerning the Board’s evaluation of the Cycle Group and FP proposals and the boldness that the Board and administration workforce have within the Firm’s long-term prospects for progress and worth creation, are “forward-looking statements” beneath the securities legal guidelines. All statements apart from statements of historic truth are statements that might be deemed forward-looking statements. Ahead-looking statements are based mostly upon present expectations and assumptions that contain dangers, modifications in circumstances and uncertainties. Due to this fact, no assurance may be provided that the outcomes or developments anticipated by Vanda shall be realized or, even when considerably realized, that they may have the anticipated penalties to, or results on, Vanda. Ahead-looking statements on this press launch must be evaluated along with the varied dangers and uncertainties that have an effect on Vanda’s enterprise and market, significantly these recognized within the “Cautionary Be aware Relating to Ahead-Trying Statements”, “Danger Components” and “Administration’s Dialogue and Evaluation of Monetary Situation and Outcomes of Operations” sections of Vanda’s most up-to-date Annual Report on Kind 10-Ok, as up to date by Vanda’s subsequent Quarterly Stories on Kind 10-Q, Present Stories on Kind 8-Ok and different filings with the U.S. Securities and Trade Fee, which can be found at www.sec.gov.
All written and verbal forward-looking statements attributable to Vanda or any individual performing on its behalf are expressly certified of their entirety by the cautionary statements contained or referred to herein. Vanda cautions traders to not rely too closely on the forward-looking statements Vanda makes or which are made on its behalf. The knowledge on this press launch is offered solely as of the date of this press launch, and Vanda undertakes no obligation, and particularly declines any obligation, to replace or revise publicly any forward-looking statements, whether or not on account of new data, future occasions or in any other case, besides as required by regulation.
Company Contact:Kevin MoranSenior Vice President, Chief Monetary Officer and TreasurerVanda Prescription drugs Inc.202-734-3400pr@vandapharma.com
Jim Golden / Jack Kelleher / Dan MooreCollected StrategiesVANDA-CS@collectedstrategies.com
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