Future Pak Confirms Proposal to Acquire Vanda Pharmaceuticals for $7.25 to $7.75 Per Share in Cash

Future Pak LLC ("Future Pak") today announced that it has submitted three proposals since February to acquire all of the outstanding shares of common stock of Vanda Pharmaceuticals, Inc. ("Vanda") (NASDAQ: VNDA), and 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.

In its letters to Vanda, Future Pak has also expressed a willingness to explore various ways to further improve its proposal that could provide Vanda shareholders additional upside beyond the stated cash consideration. Building on this proposal, whether through structural enhancements, such as Contingent Value Rights, or a potential increase in cash consideration, would require engagement with and information from Vanda. To date Vanda has provided neither, despite Future Pak's attempts to engage with the company and three previous written proposals containing offers to deliver 76.4% to 97.4% premiums to the then prevailing Vanda stock price.

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.

Future Pak has engaged Moelis & Company LLC as financial advisor and Honigman LLP as legal advisor. 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 is hopeful that the public disclosure of its interest in acquiring Vanda encourages shareholders to express their views on the proposal and on the Vanda Board's responsibility to assess the highest and best price achievable for shareholders.

About Future Pak

Future Pak is a privately-held contract manufacturer and packager of pharmaceutical and nutraceutical products. The company has access to retail, specialty and institutional customers through its expansive partner network. Leveraging its existing infrastructure, Future Pak seeks to make a positive impact on patients by utilizing its reliable supply chain and its quality-first approach. The company was incorporated in 1977 and is based in Wixom, Michigan.

Additional Information

This press release is provided for informational purposes only and does not constitute an offer to purchase or the solicitation of an offer to sell any securities.