Cycle Pharmaceuticals Limited made a proposal to acquire Vanda Pharmaceuticals Inc. (NasdaqGM:VNDA) for approximately $490 million on May 24, 2024. Cycle Pharmaceuticals will acquire 100% of Vanda?s issued and outstanding shares for a cash consideration of $8.00 per Vanda share. Cycle has substantial cash on hand, and both of Cycle?s financial advisors are highly confident that, following limited due diligence, committed financing will be put in place for the transaction. Cycle will obtain fully underwritten, binding commitment letters for any debt financing prior to signing a definitive merger agreement, which will not contain any financing contingency.

Cycle Pharmaceuticals Limited cancelled the acquisition of Vanda Pharmaceuticals Inc. (NasdaqGM:VNDA) on June 19, 2024. Following careful review and consultation with its independent financial and legal advisors, has determined that the unsolicited proposal, the Vanda's board has rejected the proposals.