Reported Wednesday, Vanda Pharmaceuticals Rejects Unsolicited Takeover Bids, Citing Undervaluation

Vanda Pharmaceuticals Inc. (Vanda) (NASDAQ:VNDA) today announced that the Company's Board of Directors (the "Board"), following careful review and consultation with its independent financial and legal advisors, has determined that the unsolicited proposal from Cycle Group Holdings Ltd ("Cycle Group") to acquire Vanda for $8.00 per share in cash and the revised unsolicited proposal from Future Pak, LLC ("FP") to acquire Vanda for $8.50-$9.00 per share in cash plus certain Contingent Value Rights ("CVRs") both substantially undervalue Vanda and are not in the best interests of the Company and its shareholders. Accordingly, the Board has rejected the proposals