Vanda rejects Cycle Group's $8.00/share acquisition proposal as undervaluing company

Vanda Pharmaceuticals Inc.

Board unanimously determined second unsolicited proposal from Cycle Group not in best interests; terms identical to earlier May bid.
Proposal valued at $8.00/share in cash; Board says it substantially undervalues Vanda.
Board cited clinical pipeline, commercial presence, and cash balance as sources of greater value.
Second Cycle Group proposal received Sept 23, 2024; prior proposal May 24, 2024.

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