09:02 AM EDT, 06/06/2024 (MT Newswires) -- Vanda Pharmaceuticals ( VNDA ) has received an acquisition proposal from Cycle Pharmaceuticals to buy 100% of Vanda's shares for $466 million in cash, or $8 per share, Cycle Pharmaceuticals said Thursday.

The offer, proposed to Vanda's board on May 24, represents a 58% premium above Vanda's closing share price on June 5, Cycle said.

"Our proposal for Vanda delivers immediate, compelling and certain cash value for Vanda shareholders with a highly attractive premium," Cycle said in a statement. "It would also benefit patients, as Cycle has a proven commercial strategy in the U.S."

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