Avadel Pharmaceuticals

AVDL

Market cap $2.11B

Alkermes said on Wednesday it has sweetened its offer to buy Avadel Pharmaceuticals , beating a rival bid from Denmark's Lundbeck and valuing the sleep disorder drugmaker at up to $2.37 billion.

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION DUBLIN , Nov. 19, 2025 /PRNewswire/ -- Alkermes plc (Nasdaq: ALKS) ("Alkermes") and Avadel Pharmaceuticals plc (Nasdaq: AVDL) ("Avadel") today announced that the companies have reached agreement on the terms of an increased recommended offer under which Alkermes will acquire Avadel (the "Acquisition") for total transaction consideration of up to $22.50 per share, consisting of $21.00 in cash and one (1) non-transferable contingent value right ("CVR") entitling holders to a potential additional cash payment of $1.50 per share, contingent upon final U.S. Food and Drug Administration ("FDA") LUMRYZ™ Approval (as defined in the form of CVR agreement to be entered into by Alkermes and the rights agent) for the treatment of idiopathic hypersomnia in adults by the end of 2028 (the "Increased Offer"). In connection with the Increased Offer, Alkermes and Avadel have entered into an amendment, dated November 18, 2025 (the "Amendment"), to the definitive transaction agreement between the parties (the "Transaction Agreement" and, as amended, the "Amended Agreement") previously entered into and announced on October 22, 2025 (the "October 2.7 Announcement").

AVDL's board calls Lundbeck's higher $23-per-share bid superior to its Alkermes deal, triggering a critical five-day response window.

As of Nov. 17, 2025, two stocks in the health care sector could be flashing a real warning to investors who value momentum as a key criteria in their trading decisions.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014

Avadel Pharmaceuticals plc (NASDAQ: AVDL) on Friday received an unsolicited proposal from H. Lundbeck A/S for up to $23.00 per ordinary share.

The unsolicited bid—worth up to $2.25 billion —potentially upends Avadel's deal to be acquired by Alkermes.

A new bidding war could kick off in biotech with Avadel Pharmaceuticals at the center and initial acquirer Alkermes facing off with Lundbeck.

Alkermes said on Friday it is reviewing its options with advisers after Avadel Pharmaceuticals disclosed it had received an unsolicited takeover proposal from Danish pharmaceutical company Lundbeck.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION. THIS IS AN ANNOUNCEMENT FALLING UNDER RULE 2.4 OF THE IRISH TAKEOVER PANEL ACT, 1997, TAKEOVER RULES, 2022 (THE “IRISH TAKEOVER RULES”) AND IS NOT AN ANNOUNCEMENT OF A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE IRISH TAKEOVER RULES AND THERE CAN BE NO CERTAINTY THAT AN OFFER WILL BE MADE, NOR AS TO THE TERMS ON WHICH ANY OFFER MIGHT BE MADE.