No Shareholder Action Required at This
Time
WASHINGTON, June 13,
2024 /PRNewswire/ -- Vanda Pharmaceuticals Inc.
("Vanda" or the "Company") (Nasdaq: VNDA) today confirmed that it
has received a revised unsolicited proposal from Future Pak, LLC
("FP") to acquire Vanda for $8.50-$9.00 per
share in cash plus certain Contingent Value Rights.
Consistent with its fiduciary duties, and in consultation with
its financial and legal advisors, Vanda's Board will carefully
review and evaluate the revised, non-binding proposal to determine
the course of action that it believes is in the best interests of
the Company and its shareholders.
Vanda does not intend to comment further on the revised,
non-binding proposal before the Board has completed its review.
There is no action for shareholders to take at this time.
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.
Cautionary Note Regarding Forward Looking
Statements
Various statements in this press release,
including, but not limited to, statements regarding the Board's
intention to review FP's proposal are "forward-looking statements"
under the securities laws. All statements other than statements of
historical fact are statements that could be deemed forward-looking
statements. Forward-looking statements are based upon current
expectations and assumptions that involve risks, changes in
circumstances and uncertainties. Therefore, no assurance can be
given that the results or developments anticipated by Vanda will be
realized or, even if substantially realized, that they will have
the expected consequences to, or effects on, Vanda. Forward-looking
statements in this press release should be evaluated together with
the various risks and uncertainties that affect Vanda's business
and market, particularly those identified in the "Cautionary Note
Regarding Forward-Looking Statements", "Risk Factors" and
"Management's Discussion and Analysis of Financial Condition and
Results of Operations" sections of Vanda's most recent Annual
Report on Form 10-K, as updated by Vanda's subsequent Quarterly
Reports on Form 10-Q, Current Reports on Form 8-K and other filings
with the U.S. Securities and Exchange Commission, which are
available at www.sec.gov.
All written and verbal forward-looking statements attributable
to Vanda or any person acting on its behalf are expressly qualified
in their entirety by the cautionary statements contained or
referred to herein. Vanda cautions investors not to rely too
heavily on the forward-looking statements Vanda makes or that are
made on its behalf. The information in this press release is
provided only as of the date of this press release, and Vanda
undertakes no obligation, and specifically declines any obligation,
to update or revise publicly any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by law.
Vanda Corporate Contact:
Kevin
Moran
Senior Vice President, Chief Financial Officer and Treasurer
Vanda Pharmaceuticals Inc.
202-734-3400
pr@vandapharma.com
Jim Golden / Jack Kelleher /
Dan Moore
Collected Strategies
VANDA-CS@collectedstrategies.com
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SOURCE Vanda Pharmaceuticals Inc.