11:55 AM EDT, 10/14/2024 (MT Newswires) -- Vanda Pharmaceuticals ( VNDA ) shares rose 11% in recent Monday trading after the company rejected a second unsolicited buyout proposal from Cycle Pharmaceuticals for $8 a share.

The offer, received on Sept. 23, is "economically identical to the previously evaluated and rejected indication of interest," and "is another opportunistic attempt to purchase the company's shares at a discount to Vanda's intrinsic value," the company said Monday in a statement.

Cycle Group said Monday in a statement its proposal represents an 80% premium to Vanda's share price at the close of business Friday, compared to a 58% premium on June 5.

Price: 4.9450, Change: +0.5050, Percent Change: +11.3739