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.
April 16, 2024
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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.
State Street Corporation is a financial holding company organized around 2 areas of activity:
- investment services (83.1% of net sales): services intended mainly to mutual funds, collective investment funds, corporate and public retirement plans, insurance companies and foundations. The group provides services including custody, daily pricing, record keeping and administration, shareholder services, foreign exchange, brokerage and other trading services, securities finance, loan and lease financing, investment manager and hedge fund manager operations outsourcing, performance, risk and compliance analytics;
- investment management (16.9%). State Street Corporation offers, primarily to institutional investors, investment management and investment research services for managing financial assets, including passive and active United States and non-United States equity and fixed-income.
The United States accounts for 55.1% of net sales.
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.