10:00 AM EDT, 06/06/2024 (MT Newswires) -- Vanda Pharmaceuticals' ( VNDA ) shares were surging in early Thursday trading, rising nearly 25%, after saying it received an unsolicited and non-binding indication of interest from privately held Cycle Group Holdings, the parent company of Cycle Pharmaceuticals, offering to buy all of Vanda's outstanding shares for $8 per share.

The total cash consideration of the deal was $466 million, Cycle Pharmaceuticals said separately Thursday.

Vanda said its board of directors will review the offer, adding the company does not expect to make additional comment about the proposal before the review is complete. Investors also have no action to make at this time, Vanda said.

Price: 6.30, Change: +1.25, Percent Change: +24.75