Future Pak Confirms Proposal to Acquire Vanda Pharmaceuticals for $7.25 to $7.75 Per Share in Cash
April 17 2024 - 6:30AM
Business Wire
Future Pak proposes to acquire 100% of the
issued and outstanding shares of Vanda
Implies a premium of 79.0% to 91.4% to
Vanda's closing price of $4.05 as of April 16, 2024
Proposal is based on public information, and
Future Pak is open to increasing the value of its offer based on
due diligence and good faith negotiations with Vanda and its
Board
Future Pak LLC (“Future Pak”) today announced that it has
submitted three proposals since February to acquire all of the
outstanding shares of common stock of Vanda Pharmaceuticals, Inc.
(“Vanda”) (NASDAQ: VNDA), and confirms that its most recent
proposal to acquire Vanda for cash consideration of $7.25 to $7.75
per share remains open for Vanda and its Board of Directors to
consider.
The current proposal implies a premium of 79.0% to 91.4% to
Vanda's closing price of $4.05 as of April 16, 2024.
In its letters to Vanda, Future Pak has also expressed a
willingness to explore various ways to further improve its proposal
that could provide Vanda shareholders additional upside beyond the
stated cash consideration. Building on this proposal, whether
through structural enhancements, such as Contingent Value Rights,
or a potential increase in cash consideration, would require
engagement with and information from Vanda. To date Vanda has
provided neither, despite Future Pak’s attempts to engage with the
company and three previous written proposals containing offers to
deliver 76.4% to 97.4% premiums to the then prevailing Vanda stock
price.
Future Pak would not require a financing contingency in
connection with a transaction and has the full support of its
strategic financial partner, Colbeck Capital Management.
Future Pak has engaged Moelis & Company LLC as financial
advisor and Honigman LLP as legal advisor. With full access to
necessary due diligence, Future Pak believes it could reach a
definitive agreement with Vanda and announce a transaction in four
to six weeks.
Future Pak is hopeful that the public disclosure of its interest
in acquiring Vanda encourages shareholders to express their views
on the proposal and on the Vanda Board’s responsibility to assess
the highest and best price achievable for shareholders.
About Future Pak
Future Pak is a privately-held contract manufacturer and
packager of pharmaceutical and nutraceutical products. The company
has access to retail, specialty and institutional customers through
its expansive partner network. Leveraging its existing
infrastructure, Future Pak seeks to make a positive impact on
patients by utilizing its reliable supply chain and its
quality-first approach. The company was incorporated in 1977 and is
based in Wixom, Michigan.
Additional Information
This press release is provided for informational purposes only
and does not constitute an offer to purchase or the solicitation of
an offer to sell any securities.
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Investors and Media May Contact Syneos Health Communications at
FuturePak_Media@syneoshealth.com