Vanda rejects buyout offers, pans 'opportunistic attempts' at securing its shares at a discount

A series of increasing buyout offers has failed to convince Vanda's board of directors that the company should sell itself.

After receiving "unsolicited" buyout proposals from Michigan-based CDMO Future Pak and U.K. drugmaker Cycle Pharmaceuticals, Vanda's board concluded that both offers "substantially undervalue" the company. Vanda has rejected the proposals, the company said in a June 19 press release.