09:58 AM EDT, 04/17/2024 (MT Newswires) -- Vanda Pharmaceuticals ( VNDA ) said Wednesday that its board has unanimously rejected all unsolicited proposals from Future Pak to acquire all outstanding shares of the company, including the most recent proposal, which was made on April 1, for $7.25 to $7.75 per share.

The biopharmaceutical firm said the board has concluded the proposals were "not in the best interests" of Vanda and its shareholders, as they "significantly undervalue" the company.

Vanda said shareholders are not required to take any action at this time.

Shares of the company were up 29% in recent trading.