Vanda Pharmaceuticals Inc. (NASDAQ:VNDA) shares are trading lower after Future Pak withdrew its proposal to purchase the company.
"Consistent with the position indicated in its June 13, 2024 letter to Vanda Pharmaceuticals, Future Pak LLC and its affiliates today announced that it is withdrawing its offer to acquire the company, effective immediately, and will focus on other strategic objectives," according to a statement.
This decision follows Vanda's ongoing lack of response and their rejection of Future Pak's final proposal.
According to Benzinga Pro, VNDA stock has lost over 9% in the past year. Investors can gain exposure to the stock via Invesco NASDAQ Future Gen 200 ETF (NASDAQ:QQQS).
In a recent press release, Vanda mentioned that the takeover proposals from Future Pak and Cycle Group substantially undervalued the company.
Vanda highlighted that the unsolicited proposal from Cycle Group for $8.00 per share and the revised unsolicited proposal from Future Pak to acquire Vanda for $8.50-$9.00 per share are not in the best interests of the company and its shareholders. "Accordingly, the Board has rejected the proposals," the company said then.
Earlier in April, Vanda rejected Future Pak's $7.25 – $7.75 per share offer, saying it significantly undervalued the company.
In April, the FDA approved Vanda Pharmaceuticals' Fanapt (iloperidone) tablets for the acute treatment of manic or mixed episodes associated with bipolar I disorder in adults.
Price Action: VNDA shares are trading lower by 1.92% to $5.865 at last check Thursday.
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