Vanda (NASDAQ:VNDA) Pharmaceuticals said on Wednesday that it has rejected takeover offers from UK-based Cycle Pharmaceutical and a revised bid from contract manufacturer Future Pak, adding that both offers undervalue the U.S. drugmaker.

This is the third time Vanda has rejected a buyout offer from Future Pak. After its first offer from Future Pak in April, Vanda adopted a shareholder rights plan, known as a “poison pill”, to reduce the chances of a hostile takeover.

The plan is adopted to prevent any entity from acquiring a stake of more than 10% without the board’s approval.

Last week, Future Pak raised the cash portion of its buyout offer as part of a final attempt to acquire Vanda. It raised the portion to $8.50-$9.00 per share alongside previously proposed contingent value rights amounting to about $4.27 per share.

Cycle Pharma’s buyout offer from earlier this month for $8 per share in cash would value Vanda at $466 million.

Vanda’s board on Wednesday rejected both the offers, stating that, “both substantially undervalue Vanda and are not in the best interests of the Company and its shareholders”.

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