(Reuters) -Contract manufacturer Future Pak said on Thursday it has raised the cash portion of its buyout offer as part of a final attempt to acquire Vanda Pharmaceuticals.
It raised the portion to $8.50-$9.00 per share alongside previously proposed contingent value rights, representing about $4.27 per share, for a total consideration of $12.77-$13.27 per share.
It had previously offered $7.25 to $7.75 per share in cash .
Vanda had rejected the earlier proposal, saying it significantly undervalued the company and was not in the best interest of the firm and its shareholders.
Shares of Vanda rose about 3% to $6.11 in premarket trading.
Vanda did not immediately respond to a request for comment.
(Reporting by Sriparna Roy in Bengaluru; Editing by Sonia Cheema and Arun Koyyur)
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