Cycle seeks to onboard Vanda for $466 million

6 June 2024

Privately-held UK firm Cycle Pharmaceuticals, which is focused on rare diseases, is seeking to acquire US biopharma Vanda Pharmaceuticals (Nasdaq: VNDA).

Shares in Vanda opened 25% higher on Thursday after Cycle went public with the $466 million bid to acquire the Washington DC-based company in its entirety, valuing it at $8 per share.

Last month, Future Pak made its latest bid to buy Vanda with an offer worth $7.25 to $7.75 per share in cash plus certain contingent value rights.

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