Vanda Pharmaceuticals Soars on Unsolicited Takeover Bid

Shares in Vanda Pharmaceuticals (Nasdaq: VNDA) soared on Thursday after the company confirmed that it had received an unsolicited, non-binding indication of interest from Cycle Group Holdings Ltd. to acquire the company for $8.00 per share in cash.

Vanda stated that its Board of Directors is consulting with independent financial and legal advisors and will carefully review and evaluate the indication of interest to determine the course of action that is in the best interests of Vanda and its shareholders.

The company is focused on the development and commercialization of therapies for central nervous system disorders, including sleep disorders, schizophrenia, and other neurological conditions. Vanda developed and is commercializing Fanapt (iloperidone), which is approved for the treatment of schizophrenia. Vanda is also involved in researching treatments for mood disorders, movement disorders, and other neurological conditions.

The company presented at SLEEP 2024 this week.

 About Vanda Pharmaceuticals Inc.

Vanda is a leading global biopharmaceutical company focused on the development and commercialization of innovative therapies to address high unmet medical needs and improve the lives of patients. For more on Vanda Pharmaceuticals Inc., please visit www.vandapharma.com and follow us on X @vandapharma.