Shares of Vanda Pharmaceuticals (NASDAQ: VNDA) were skyrocketing 37.8% higher as of 10:09 a.m. ET on Wednesday. The huge gain came after the company confirmed it had received -- and rejected -- several unsolicited acquisition proposals from pharmaceutical contract-manufacturing and packaging-services provider Future Pak.

Future Pak's most recent proposal to acquire Vanda was made on April 1, 2024. The offer was to buy Vanda for $7.25 to $7.75 per share.

The low end of this range reflects a premium of 79% to Vanda's closing price on Tuesday. However, the company's board of directors concluded the offers "significantly undervalue" the company.

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Source Fool.com