Shareholder Capital delivers letter to board of Vanda Pharmaceuticals

Shareholder Capital, a significant shareholder of Vanda Pharmaceuticals, announced that they have delivered a letter to independent members of the Board of Directors of Vanda. The letter, which can be accessed below, calls on the Board to fulfill their fiduciary duties to Vanda’s shareholders given their complete disregard of a credible, fully-financed offer by Future Pak to acquire Vanda at a 79.0-91.4% premium to its closing price on 4/16/24. ShareCap believes Vanda has long-ignored shareholders’ interests in favor of entrenchment, misaligned incentives, and cronyism, resulting in poor oversight and execution of the unknown and value-destructive strategy that has delivered extraordinary underperformance and extreme undervaluation. ShareCap calls on the Board to initiate a strategic alternatives process that, among the alternatives, reconsiders Future Pak’s offer.