Vanda Pharmaceuticals Inc ( VNDA ). received an acquisition offer from Cycle Pharmaceuticals Ltd worth $8 per share, representing a total cash consideration of $466 million.

Cycle Pharmaceuticals, founded in 2012, focuses on rare metabolic, immunological, and neurological genetic conditions. Within neurological conditions, Cycle focuses on multiple sclerosis. In May, Cycle launched its sixth drug product in the U.S. market.

The company achieved $109 million in net sales and $40 million in operating profit in 2023.

Vanda’s board of directors will review the offer.

In April, Vanda rejected Future Pak LLC’s proposal of $7.25 – $7.75 per share, saying it significantly undervalued the company.

In April, the FDA approved Vanda Pharmaceuticals’ Fanapt (iloperidone) tablets for the acute treatment of manic or mixed episodes associated with bipolar I disorder in adults. 

Price Action: VNDA shares are up 24.3% at $6.28 at last check Thursday.

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