D.C.-based Vanda Pharmaceuticals, with treatments in development for jet lag, sea sickness and stage fright, has received an unsolicited takeover offer from British drugmaker Cycle Pharmaceuticals in a deal worth $446 million.
Cycle has a portfolio of U.S.-approved drugs for treatments of immunological and neurological diseases, including multiple sclerosis.
“The Vanda board of directors will carefully review and evaluate the indication of interest to determine the course of action that the board believes is in the best interests of Vanda and its shareholders,” Vanda Pharmaceuticals said in a statement.
Last month, Vanda rejected an updated takeover offer from Future Pak, a Michigan-based contract manufacturing and packaging company in the pharmaceuticals business, saying it substantially undervalued the company.
Cambridge, UK-based Cycle said in disclosing its offer, it had substantial cash on hand and its financial advisors say financing will be in place for the Vanda acquisition.
This spring, the Food and Drug Administration approved Vanda’s Fanapt, used for the treatment of schizophrenia, for use in treating Bipolar 1 Disorder. Vanda’s other commercially-approved drug, Hetlioz, is used to treat sleeping disorders.
Get breaking news and daily headlines delivered to your email inbox by signing up here.
© 2024 WTOP. All Rights Reserved. This website is not intended for users located within the European Economic Area.
