Avadel Pharmaceu Stock Price, News & Analysis

Alkermes (Nasdaq: ALKS) agreed to increase its recommended offer to acquire Avadel (Nasdaq: AVDL) to up to $22.50 per share — consisting of $21.00 cash plus one non-transferable contingent value right (CVR) payable up to $1.50 if final FDA approval for LUMRYZ for idiopathic hypersomnia in adults is achieved by the end of 2028.

The Increased Offer values Avadel at up to approximately $2.37 billion. The Amended Agreement was approved by both boards and the transaction remains expected to close in Q1 2026, subject to customary conditions and an extended End Date. J.P. Morgan provided fully committed financing for Alkermes.

Avadel (Nasdaq: AVDL) announced its board has determined an unsolicited proposal from H. Lundbeck A/S constitutes a Company Superior Proposal under Avadel’s transaction agreement with Alkermes.

The Lundbeck Proposal values Avadel at up to $23.00 per share (approx. $2.4 billion), a ~29% premium to the Oct 21, 2025 closing price. The offer is comprised of $21.00 cash at closing plus a non-transferable contingent value right (CVR) for up to $2.00 tied to combined U.S. sales of LUMRYZ and valiloxybate: $1.00 if sales ≥ $450M by Dec 31, 2027 and $1.00 if sales ≥ $700M by Dec 31, 2030.

The Alkermes Transaction Agreement remains in effect; a five-business-day matching period may follow and any offer would be subject to shareholder and regulatory approvals.

Avadel (Nasdaq: AVDL) said it received an unsolicited proposal from H. Lundbeck A/S to acquire Avadel for up to $23.00 per share—$21.00 cash at closing plus a non-transferable CVR worth up to $2.00 tied to U.S. net sales milestones for LUMRYZ and valiloxybate by 2027 and 2030. Avadel noted the Lundbeck Proposal is subject to shareholder and regulatory approvals and closing conditions.

The Avadel Board determined in good faith the Lundbeck Proposal would reasonably be expected to result in a Company Superior Proposal under its agreement with Alkermes, permitting discussions but not terminating the Alkermes transaction (up to $20.00 per share).

Avadel Pharmaceuticals (NASDAQ:AVDL) filed an Opening Position Disclosure under Rule 8.1(a)&(b) of the Irish Takeover Panel Rules dated 5 November 2025 covering the position at 4 November 2025.

The company is listed as the offeree. It reported no owned or short positions in any class of its relevant securities held by the discloser. Directors collectively held 794,959 ordinary shares (0.81%) and 4,347,557 underlying stock awards/options as of midnight 4 November 2025. Folio Investments reported 20 shares (0.00%).

No indemnities or voting arrangements were disclosed, no Supplemental Form 8 was attached, and the disclosure contact is Jerad Seurer.

Avadel Pharmaceuticals (Nasdaq: AVDL) reported third quarter 2025 results and a corporate update on Nov 4, 2025. Key financial and corporate items:

• LUMRYZ net product revenue $77.5M in Q3 2025, up 55% year-over-year.
• Approximately 3,400 patients on LUMRYZ as of Sep 30, 2025, up 48% year-over-year.
• Gross profit $81.6M (105% of revenue), reflecting a $9.5M royalty reversal tied to the Jazz settlement.
• Net income $20,000 (EPS $0.00) and cash, cash equivalents and marketable securities of $91.6M at Sep 30, 2025.

Corporate developments: Avadel entered a definitive agreement to be acquired by Alkermes for up to $20.00 per share (≈$2.1B), expected to close in Q1 2026 subject to shareholder, regulatory and Irish High Court approvals. Avadel also announced a global settlement with Jazz dismissing litigation and obtained expanded commercialization timing and royalty terms. Avadel licensed valiloxybate from XWPharma and paid a $15M upfront in Q3 with an additional $5M due in Q4 2025.

Alkermes (Nasdaq: ALKS) agreed to acquire Avadel (Nasdaq: AVDL) for $18.50 per share in cash plus a non-transferable CVR of $1.50 per share contingent on FDA approval for idiopathic hypersomnia, valuing the deal at up to $20.00 per share and ≈$2.1 billion. The boards approved the transaction, which is expected to close in Q1 2026 subject to regulatory and shareholder approvals.

The acquisition adds FDA-approved LUMRYZ (once-at-bedtime sodium oxybate) with expected 2025 net revenues of $265–$275 million, ~3,100 patients on therapy as of June 30, 2025, and a U.S. oxybate-eligible population >50,000. Alkermes expects the deal to be immediately accretive and will finance with cash on hand plus new debt, with J.P. Morgan providing committed financing.

Avadel Pharmaceuticals (NASDAQ:AVDL) announced a global settlement with Jazz Pharmaceuticals resolving all litigation and mutually dismissing lawsuits with prejudice.

Key terms include a $90 million payment from Jazz to Avadel, Jazz's waiver of royalties/damages on LUMRYZ sales through September 30, 2025, and a perpetual worldwide license from Jazz covering patents that could be asserted against LUMRYZ for all indications. Avadel will pay Jazz ongoing royalties of 3.85% of net narcolepsy sales (possible reduction to 3.75%) starting October 1, 2025, and 10% royalties (possible reduction to 9.5%) on LUMRYZ for any future FDA-approved indications beginning no earlier than March 1, 2028, both through February 18, 2036.

Avadel Pharmaceuticals (Nasdaq: AVDL) announced on October 13, 2025 that its Compensation Committee approved inducement option awards for seven new employees totaling 161,600 ordinary shares under the company's 2021 Inducement Plan.

The non-statutory options carry a 10-year term and vest over four years with 25% vesting after one year and 25% on each of the second, third, and fourth anniversaries of each employee's start date. Awards are granted as inducements under Nasdaq Listing Rule 5635(c)(4) and are subject to the 2021 Inducement Plan and individual award agreements.

Avadel Pharmaceuticals (NASDAQ:AVDL) is celebrating a five-year milestone in supporting sleep research through its partnership with the American Academy of Sleep Medicine Foundation (AASM Foundation). As the inaugural corporate sponsor of the Young Investigator Research Forum (YIRF) since 2021, Avadel has helped empower numerous trainees and junior faculty in sleep science.

The company served as the lead sponsor for the AASM Fellow Boot Camp in June 2025, designed for incoming Sleep Medicine Fellowship residents. Since 2022, the collaboration has resulted in $1.7 million in grants awarded across five projects focusing on central disorders of hypersomnolence, through partnerships with Wake Up Narcolepsy and the Hypersomnia Foundation.