Alkermes plc has announced an increased recommended offer to acquire Avadel Pharmaceuticals plc for up to $22.50 per share.
The offer includes $21.00 in cash and one non-transferable contingent value right (CVR) entitling holders to a potential additional cash payment of $1.50 per share.
The Acquisition is valued at up to approximately $2.37 billion and is expected to close in the first quarter of 2026, subject to certain conditions.
Increased Offer Details
Total consideration of $22.50 per share, including $21.00 in cash and $1.50 per share as contingent value right.
Approval Condition
Contingent upon FDA LUMRYZ™ Approval for the treatment of idiopathic hypersomnia in adults by the end of 2028.
Comparison with Lundbeck Proposal
Alkermes' offer deemed superior due to more favorable terms of the CVR.
- The revised offer and Amendment have been approved by the boards of directors of both Alkermes and Avadel.
- The Lundbeck Proposal, initially considered superior, was surpassed by Alkermes' Increased Offer with more attractive terms for shareholders.
The Acquisition presents a significant opportunity for both companies, with Alkermes showing commitment to enhancing value for shareholders.