Vanda jumps as Cycle Pharma reaffirms buyout offer
** Shares of VandaPharmaceuticals VNDA.O rise 21.2% to $5.35 premarket
** UK-based Cycle Pharmaceuticals reaffirms all-cash proposal to acquire Vanda for $8.00 per share which would value it at $488 million
** Cycle says the proposal represents a 80% premium to Vanda's share price as on Oct. 11 compared to a 58% premium to its price on June 5, 2024, the day prior to the public disclosure of Cycle's initial offer
** Cycle had made the offer on June 6 for $8/shr which was rejected by Vanda
** The company also sent a proposal in September reiterating the offer, which was also rejected by Vanda on Oct. 7
** Up to last close, stock up 5.2% YTD
Reporting by Christy Santhosh
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