Future Pak, Ltd. made a proposal to acquire Vanda Pharmaceuticals Inc. (NasdaqGM:VNDA) from The Vanguard Group, Inc., State Street Corporation (NYSE:STT), BlackRock, Inc. (NYSE:BLK), Dimensional Fund Advisors LP and others for approximately $450 million on April 1, 2024. As reported, Future Pak LLC most recent proposal is to acquire all of the outstanding shares of Vanda Pharmaceuticals for a cash consideration of $7.25 to $7.75 per share, The proposal remains open for Vanda and its Board of Directors to consider. Future Pak would not require a financing contingency in connection with a transaction and has the full support of its strategic financial partner, Colbeck Capital Management. With full access to necessary due diligence, Future Pak believes it could reach a definitive agreement with Vanda and announce a transaction in four to six weeks. Future Pak has engaged Moelis & Company LLC as financial advisor and Honigman LLP as legal advisor.

Future Pak, Ltd. cancelled the acquisition of Vanda Pharmaceuticals Inc. (NasdaqGM:VNDA) from The Vanguard Group, Inc., State Street Corporation (NYSE:STT), BlackRock, Inc. (NYSE:BLK), Dimensional Fund Advisors LP and others on April 17, 2024. The Vanda Board carefully reviewed the unsolicited acquisition proposal and concluded that it is not in the best interests of Vanda and its stockholders, as it significantly undervalues the company in light of its robust clinical development pipeline, expanding commercial presence, significant, cash balance and long-term future growth prospects.. rejected unsolicited acquisition proposals from Future Pak. The Vanda Board, hence rejected unsolicited acquisition proposals from Future Pak.