---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-24-237220"
form_type: "8-K"
ticker: "VNDA"
cik: "0001347178"
company_name: "Vanda Pharmaceuticals Inc."
filed_at: "2024-10-15T23:59:59+00:00"
generated_at: "2026-05-30T14:30:12.241865+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-24-237220
- form_type: 8-K
- ticker: VNDA
- cik: 0001347178
- company_name: Vanda Pharmaceuticals Inc.
- filed_at: 2024-10-15T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1347178/000119312524237220/0001193125-24-237220-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1347178/000119312524237220/d840698d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-24-237220
- JSON: https://secwatch.observer/filing/0001193125-24-237220.json
- Plain text: https://secwatch.observer/filing/0001193125-24-237220.txt

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