Contract manufacturer Future Pak said on Wednesday it has withdrawn its offer to acquire Vanda Pharmaceuticals , citing non-engagement from the U.S. drugmaker.
U.S. stock futures were higher this morning, with the Nasdaq futures gaining around 100 points on Thursday.
Vanda Pharmaceuticals said on Wednesday that it has rejected takeover offers from UK-based Cycle Pharmaceutical and a revised bid from contract manufacturer Future Pak, adding that both offers undervalue the U.S. drugmaker.
Vanda Pharmaceuticals' portfolio includes FDA-approved Hetlioz for sleep disorders, Fanapt for schizophrenia and bipolar I disorder, and Ponvory for multiple sclerosis. VNDA's upcoming pipeline features milsaperidone and tradipitant, with promising Phase III trials for new indications and long-acting injectables. Acquisition offers from Future Pak and Cycle Pharmaceuticals highlight VNDA's undervaluation and strategic value.
Contract manufacturer Future Pak said on Thursday it has raised the cash portion of its buyout offer as part of a final attempt to acquire Vanda Pharmaceuticals.
Vanda (VNDA) was a big mover last session on higher-than-average trading volume. The latest trend in earnings estimate revisions might not help the stock continue moving higher in the near term.
Vanda's (VNDA) tradipitant appears effective in preventing vomiting associated with motion sickness in a second phase III study. Stock rises on the news.