pharmaphorum June 7, 2024
UK group Cycle Pharma has made an unsolicited takeover bid to buy Vanda Pharma of the US, which is already fending off an overture from Future Pak.
The $8-per-share offer values Nasdaq-listed Vanda at around $466 million and, according to Cycle, is a 98% premium to Vanda’s share price before Future Pak made a play for the company in April with an initial cash offer of up to $7.75 per share.
Vanda was unimpressed with contract manufacturing organisation (CMO) Future Pak’s bid, adopting a ‘poison pill’ strategy in the form of a shareholder rights plan to fend off its advances, and Future Pak came back to the table a few weeks later with a revised deal.
While the cash offer...
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