Future Pak, Ltd. submits a proposal to acquire Vanda Pharmaceuticals Inc. from The Vanguard Group, Inc., State Street Corporation, BlackRock, Inc., Dimensional Fund Advisors LP and others for approximately $450 million.

Future Pak, Ltd. submits 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 17, 2024. Future Pak LLC confirms that its most recent proposal to acquire Vanda for cash consideration of $7.25 to $7.75 per share remains open for Vanda and its Board of Directors to consider. The current proposal implies a premium of 79.0% to 91.4% to Vanda's closing price of $4.05 as of April 16, 2024.

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.