Avadel Pharmaceuticals plc announces that its Board of Directors has determined Lundbeck's proposal as a "Company Superior Proposal".
The proposal values Avadel at up to $23.00 per Ordinary Share, totaling approximately $2.4 billion.
Alkermes Transaction Agreement remains in effect, with potential negotiations for adjustments within 5 business days.
Valuation
Lundbeck Proposal values Avadel at up to $23.00 per share, indicating a 29% premium to the closing price prior to the Alkermes acquisition announcement.
Payment Structure
The proposal includes $21.00 per share in cash at closing and a contingent value right for potential additional cash payments based on sales targets.
Board Decision
Avadel's Board deems the Lundbeck Proposal as superior, triggering discussions with Alkermes to potentially amend the existing transaction terms.
- The Lundbeck Proposal represents a significant valuation for Avadel, offering shareholders a substantial premium.
- Potential adjustments to the current transaction agreement with Alkermes could influence the final outcome and strategic direction of Avadel.
Avadel Pharmaceuticals plc faces a critical decision in evaluating the Lundbeck Proposal amid ongoing negotiations with Alkermes. This development could reshape the company's future trajectory and shareholder value.