Vanda Pharmaceuticals (VNDA) shares rose 11% in recent Monday trading after the company rejected a second unsolicited buyout proposal from Cycle Pharmaceuticals for $8 a share.
The offer, received on Sept. 23, is "economically identical to the previously evaluated and rejected indication of interest," and "is another opportunistic attempt to purchase the company's shares at a discount to Vanda's intrinsic value," the company said Monday in a statement.
Cycle Group said Monday in a statement its proposal represents an 80% premium to Vanda's share price at the close of business Friday, compared to a 58% premium on June 5.
Price: 4.9450, Change: +0.5050, Percent Change: +11.3739
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