Cycle Pharmaceuticals bids $466m for Vanda in US

06 Jun, 2024
Tony Quested
Cycle Pharmaceuticals in Cambridge UK and Boston US has bid $466 million cash for Vanda in Washington DC. The offer knocks the cash element of a rival bid by US company Future Pak out of the water, according to Cycle chiefs.
Image courtesy – Cycle Pharmaceuticals

Vanda Pharmaceuticals is a leading global biopharma company focused on the development and commercialisation of innovative therapies to address high unmet medical needs.

The offer represents a compelling cash premium of 98 per cent over Vanda’s closing share price at the time of Future Pak’s latest bid.

Cycle, based locally at the Broers Building in Cambridge, has an extensive US operational and distribution footprint which it describes as a strong strategic fit for Vanda’s commercialised therapies and clinical development pipeline.

Cash-rich Cycle was founded in 2012 with the sole aim of delivering drug treatments and product support to the underserved rare disease patient community and the healthcare professionals and communities that support them.

It focuses on rare metabolic, immunological, and neurological genetic conditions. Within neurological conditions, Cycle targets multiple sclerosis. During May 2024, it launched its sixth drug product in the US market.

The company achieved $109m net sales and $40m operating profit in 2023 according to FRS102 accounting principles.