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(RTTNews) - Vanda Pharmaceuticals Inc. (VNDA) said it has determined that the unsolicited proposal from Cycle Group Holdings Ltd to acquire Vanda for $8.00 per share in cash and the revised unsolicited proposal from Future Pak, LLC to acquire Vanda for $8.50-$9.00 per share in cash plus certain Contingent Value Rights both substantially undervalue Vanda and are not in the best interests of the Company and its shareholders. Accordingly, Vanda has rejected the proposals.

Vanda said it remains confident that its robust revenue, strong cash position and efficient operations position the company well for significant long-term growth and value creation far in excess of the consideration offered by Cycle Group and Future Pak.

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