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Vanda Pharmaceuticals reported their first quarter 2024 financial results with revenues of $47.5 million, a 5% increase from the previous quarter. The company achieved various milestones, including FDA approval for Fanapt® in bipolar I disorder, with commercial launch expected in Q3 2024. Additionally, they anticipate submitting the NDA for Milsaperidone in schizophrenia and bipolar disorder in early 2025. Vanda also expects to launch PONVORY® for multiple sclerosis in Q3 2024 and has ongoing clinical trials for Tradipitant for various conditions. Financially, total net product sales decreased by 24% compared to the first quarter of 2023. Net loss was $4.1 million, and cash reserves increased to $394.1 million. Despite challenges, Vanda remains optimistic about future growth.
Vanda Pharmaceuticals has received a revised unsolicited takeover proposal from Future Pak offering $7.25 to $7.75 per share in cash plus Contingent Value Rights. Vanda's Board of Directors will review the proposal to determine the best course of action. Shareholders do not need to take any action at this time.
Future Pak has increased its offer for Vanda Pharmaceuticals, including Contingent Value Rights (CVRs) along with $7.25 to $7.75 per share in cash. The increased offer could provide up to $260 million in potential value, translating to $11.62 to $12.12 per share, a 187% to 199% premium to Vanda's unaffected share price. Despite Vanda's actions to limit shareholder influence, Future Pak remains committed to the transaction.
Vanda Pharmaceuticals will announce its first quarter 2024 financial results on May 8, 2024, followed by a conference call where management will discuss the results and corporate activities. Investors can participate by dialing in or accessing the webcast.
