Vanda Board rejects two unsolicited takeover proposals, citing undervaluation

Vanda Pharmaceuticals Inc.

Cycle Group bid $8.00/share cash; Future Pak offered $8.50-$9.00/share plus CVRs.
Board determined both proposals substantially undervalue Vanda and not in best interests.
Board cites robust revenue, strong cash position, and clinical pipeline as intrinsic value.
No shareholder action required at this time.

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