Alkermes and Avadel Pharmaceuticals plc have agreed on an increased recommended offer for Alkermes to acquire Avadel for a total transaction consideration of up to $22.50 per share.
The offer includes $21.00 in cash and a contingent value right entitling holders to a potential additional cash payment of $1.50 per share upon FDA LUMRYZ Approval by the end of 2028.
The transaction values Avadel at up to approximately $2.37 billion and is expected to close in the first quarter of 2026.
Transaction Consideration
Up to $22.50 per share, including $21.00 in cash and a contingent value right of $1.50 per share.
Valuation of Avadel
The transaction values Avadel at up to approximately $2.37 billion assuming the Milestone Payment is made.
Approval Condition
Contingent upon final FDA LUMRYZ Approval by the end of 2028 for the treatment of idiopathic hypersomnia in adults.
- The Increased Offer by Alkermes to acquire Avadel has been approved by both companies' boards of directors.
- The Amended Agreement between Alkermes and Avadel extends the End Date, and the transaction is expected to close in the first quarter of 2026.
After careful assessment, Alkermes' Increased Offer was considered superior to a proposal from Lundbeck, leading to Avadel's decision to continue with the acquisition by Alkermes.