Vanda Pharmaceuticals Inc. announced that the Company’s Board of Directors has determined that the unsolicited proposal from Cycle Group Holdings Ltd to acquire Vanda for $8.00 per share in cash and the revised unsolicited proposal from Future Pak, LLC to acquire Vanda for $8.50-$9.00 per share in cash plus certain Contingent Value Rights both substantially undervalue Vanda and are not in the best interests of the Company and its shareholders.
