Vanda Shares Climb on Reiterated Cycle Acquisition Offer

Dow Jones

2024-10-14

By Dean Seal

Shares of Vanda Pharmaceuticals jumped after Cycle Pharmaceuticals reaffirmed its proposal to buy the company for $8 a share.

The stock was up 18% at $5.22 in early trading. Shares have gained 24% since the start of the year.

Cycle said Monday morning that it is still offering to buy Vanda for $8 a share in cash despite Vanda's board refusing to engage with Cycle and rejecting its proposal on Oct. 7.

"Vanda's board and management team … have continued to prioritize their own interests and self-preservation with egregious actions that blatantly disenfranchise Vanda shareholders," Cycle said.

Vanda rejected proposals from both Cycle and the company Future Pak earlier this year, calling each inadequate. In June, Future Pak formally withdrew its offer to buy the company for $8.50 to $9 a share.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

October 14, 2024 10:28 ET (14:28 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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Shares have gained 24% since the start of the year. \n</p>\n<p>\n  Cycle said Monday morning that it is still offering to buy Vanda for $8 a share in cash despite Vanda's board refusing to engage with Cycle and rejecting its proposal on Oct. 7. \n</p>\n<p>\n  \"Vanda's board and management team … have continued to prioritize their own interests and self-preservation with egregious actions that blatantly disenfranchise Vanda shareholders,\" Cycle said. \n</p>\n<p>\n  Vanda rejected proposals from both Cycle and the company Future Pak earlier this year, calling each inadequate. In June, Future Pak formally withdrew its offer to buy the company for $8.50 to $9 a share. \n</p>\n<pre>\n \n</pre>\n<p>\n  Write to Dean Seal at dean.seal@wsj.com \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  October 14, 2024 10:28 ET (14:28 GMT)\n</p>\n<p>\n  Copyright (c) 2024 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4139","symbol_name":"生物科技","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2475987893","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2475987893","pubTimestamp":1728916080,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"Shares of Vanda Pharmaceuticals jumped after Cycle Pharmaceuticals reaffirmed its proposal to buy the company for $8 a share.The stock was up 18% at $5.22 in early trading. 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Shares have gained 24% since the start of the year. \n\n\n  Cycle said Monday morning that it is still offering to buy Vanda for $8 a share in cash despite Vanda's board refusing to engage with Cycle and rejecting its proposal on Oct. 7. \n\n\n  \"Vanda's board and management team … have continued to prioritize their own interests and self-preservation with egregious actions that blatantly disenfranchise Vanda shareholders,\" Cycle said. \n\n\n  Vanda rejected proposals from both Cycle and the company Future Pak earlier this year, calling each inadequate. 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