Vanda Pharmaceuticals Board Rejects Revised Unsolicited Takeover Bid from Future Pak

Vanda Pharmaceuticals Inc.

Future Pak offered $7.25-$7.75 per share in cash plus Contingent Value Rights to acquire Vanda.
Board unanimously rejected the proposal, stating it substantially undervalues the company and creates significant risk.
Board highlights Vanda's clinical pipeline, expanding commercial presence, and strong cash position as value drivers.
No shareholder action required; board remains confident in long-term value creation exceeding the offer.

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