---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-24-099251"
form_type: "8-K"
ticker: "VNDA"
cik: "0001347178"
company_name: "Vanda Pharmaceuticals Inc."
filed_at: "2024-04-17T23:59:59+00:00"
generated_at: "2026-06-03T21:34:06.383417+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Vanda adopts limited-duration rights plan; rejects Future Pak's $7.25-$7.75/share bid

## Summary
- Board adopted a one-year stockholder rights plan effective April 17, 2024, triggered at 10% beneficial ownership.
- Plan adopted in response to unsolicited proposals from Future Pak; latest offered $7.25–$7.75 per share.
- Board unanimously rejected proposals as significantly undervaluing the company, citing robust pipeline and $6.75 cash per share.
- Rights dividend payable to shareholders of record April 29, 2024; rights expire April 16, 2025.
- Plan prevents open-market accumulation without a control premium; no shareholder action required.

## SEC filing metadata
- accession: 0001193125-24-099251
- form_type: 8-K
- ticker: VNDA
- cik: 0001347178
- company_name: Vanda Pharmaceuticals Inc.
- filed_at: 2024-04-17T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 3.03, 5.03, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1347178/000119312524099251/0001193125-24-099251-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1347178/000119312524099251/d795618d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-24-099251
- JSON: https://secwatch.observer/filing/0001193125-24-099251.json
- Plain text: https://secwatch.observer/filing/0001193125-24-099251.txt

## Key facts
- Material Agreements
  Vanda Pharmaceuticals Inc. entered into Rights Agreement with Equiniti Trust Company, LLC (effective 2024-04-17).
  - Action: entry
  - Counterparty: Equiniti Trust Company, LLC
  - Effective: 2024-04-17
  source text: The complete terms of the Rights are set forth in a Rights Agreement (the “Rights Agreement”), dated as of April 17, 2024, between the Company and Equiniti Trust Company, LLC, a limited trust company organized under the laws of the State of New York, as rights agent.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1347178/000119312524099251/0001193125-24-099251-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.