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Cycle Pharmaceuticals offers to acquire Vanda Pharma for $466m

Cycle Pharmaceuticals offers to acquire Vanda Pharma for $466m

Founded in 2012, Cycle focuses on developing drug treatments and related services for rare diseases.  Cycle Pharmaceuticals has proposed to acquire all issued and outstanding shares of Vanda Pharmaceuticals for $8 per share in cash, valuing the deal at $466m.

With a significant US presence and distribution network, Cycle sees a strong strategic alignment for Vanda’s marketed therapies and development pipeline. The offer represents a 98% premium over Vanda’s closing share price before the initial proposal from US-based CDMO Future Pak on 17 April 2024.

Future Pak had sought to purchase Vanda for between $7.25 and $7.75 per share. Vanda’s shares have not reached the offered price since January 2023, at times dipping as low as $3.30.

Cycle’s advisors are ready to engage with Vanda’s management to expedite a definitive agreement. Vanda’s board will review Cycle’s unsolicited proposal to determine the best course for the company and its shareholders.

Cycle, which has a robust cash position, is confident that, after due diligence, the necessary financing will be secured to execute the deal.

June 10, 2024

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