(Reuters) – Contract manufacturer Future Pak said on Wednesday it has withdrawn its offer to acquire Vanda Pharmaceuticals, citing non-engagement from the U.S. drugmaker.
The withdrawal comes following a “continued lack of engagement” from Vanda and its rejection of the final proposal, Future Pak said in a statement.
Earlier this month, Future Pak had raised the cash portion of its buyout offer to $8.50-$9.00 per share from $7.25 to $7.75, and maintained the proposed contingent value rights of about $4.27 per share.
The privately held company had said it “requires constructive engagement” from Vanda by June 26 or it will withdraw the offer.
Vanda last week rejected the revised bid from Future Pak, as well as another offer from UK-based Cycle Pharmaceutical, adding that both offers undervalued it.
Vanda, which rejected a buyout offer from Future Pak for the third time, adopted a shareholder rights plan to reduce the chances of a hostile takeover after Future Pak’s first bid in April.
(Reporting by Juby Babu in Mexico City; Editing by Shinjini Ganguli)
Comments