David Amsellem

Marc Goodman

Paul Matteis

Umer Raffat

Uy Ear

Charles Duncan

Douglas Tsao

Jason Gerberry

Jessica Fye

Joel Beatty

Joseph Thome

Ashwani Verma

David Hoang

Leonid Timashev

Adam Ferrari

Akash Tewari

Akash Tiwari

Ami Fadia

Anastasia Parafestas

Andrea Newkirk

Chris Shibutani

Karishma Raghuram

Katherine Wang

Troy Langford

- Alkermes has agreed to acquire Avadel Pharmaceuticals for **up to $2.1 billion**, consisting of **$18.50 per share in cash** and a **$1.50 per share contingent value right**, to enter the sleep medicine market with Avadel's **FDA-approved narcolepsy drug Lumryz**.  **[1520262_417022f9e3ce474a99fa10abd9e1f489]** 
- The acquisition, expected to close in the **first quarter of 2026**, will be financed through a combination of **cash and new debt**.  **[1520262_417022f9e3ce474a99fa10abd9e1f489]** 
- Lumryz is projected to generate **$265–$275 million in net revenues for 2025**, building on Avadel's **first profitable quarter in Q2 2025** with **$68.1 million in revenues** and **$9.7 million in net income**.  **[1520262_417022f9e3ce474a99fa10abd9e1f489]** 
- Alkermes also plans to initiate a **phase 3 trial for its own narcolepsy candidate, alixorexton, in early 2026**.  **[1520262_417022f9e3ce474a99fa10abd9e1f489]** 
- Following the announcement, **Avadel's stock surged**, while **Alkermes shares declined over 7%**.  **[1520262_417022f9e3ce474a99fa10abd9e1f489]**

Alkermes to Acquire Avadel Pharmaceuticals for Sleep Medicine Expansion

- Alkermes will acquire Avadel Pharmaceuticals in an **all-cash transaction** for **$18.50 per share**, with a potential additional **$1.50 per share** via a contingent value right, bringing the total potential acquisition price to **$20 per share** and the total consideration to approximately **$2.1 billion**.  **[0001520262_2195419_1]** **[0001520262_2195419_3]** 
- The acquisition price represents a **38% premium** to Avadel's three-month weighted average trading price and a **12% premium** to Avadel's closing price yesterday.  **[0001520262_2195419_3]** 
- The transaction is expected to close in the **first quarter of 2026** and is anticipated to be immediately accretive to Alkermes upon closing.  **[0001520262_2195419_1]** **[0001520262_2195419_3]** 
- The acquisition includes Lumryz, Avadel's FDA-approved once-at-bedtime oxybate for narcolepsy, which had **3,100 patients** on therapy as of **June 30th** and is expected to generate **$265 million to $275 million** in net sales in 2025 upon closing.  **[0001520262_2195419_1]** **[0001520262_2195419_2]** 
- Alkermes plans to finance the acquisition using cash on hand and the issuance of **$1.2 billion** in new debt, leveraging its financial strength of **$1.14 billion** in cash and total investments with no debt at the end of the third quarter.  **[0001520262_2195419_3]**

Alkermes to Acquire Avadel Pharmaceuticals

- **Alkermes** has proposed the acquisition of **Avadel Pharmaceuticals plc**.  **[0001520262_2195398:0]** 
- The transaction is an **all-cash deal** valued at **$18.50 per share**, with a potential additional **$1.50 per share** through a Contingent Value Right (CVR) tied to final FDA approval of LUMRYZ in idiopathic hypersomnia by the end of 2028, bringing the total consideration up to **$20.00 per share**, or a transaction value of up to **$2.1 billion**.  **[0001520262_2195398:12]** 
- The acquisition is expected to close in **Q1 2026**, subject to regulatory and Avadel shareholder approvals.  **[0001520262_2195398:12]** 
- The acquisition is anticipated to augment Alkermes' revenue growth, diversify its commercial portfolio with **LUMRYZ**, and accelerate its entry into the sleep medicine market, with an expectation of being immediately accretive and enhancing profitability upon closing.  **[0001520262_2195398:10]** 
- Avadel's LUMRYZ product has generated **>$300 million in net revenues** since its launch as of **June 30, 2025**, and is projected to achieve **$265 - $275 million** in net revenues for **2025**.  **[0001520262_2195398:10]** **[0001520262_2195398:11]**

Alkermes Proposes Acquisition of Avadel Pharmaceuticals plc

- Alkermes plc will acquire Avadel Pharmaceuticals plc for total consideration of up to **$20.00 per share**, consisting of **$18.50 in cash** and a **$1.50 contingent value right (CVR)**, valuing Avadel at approximately **$2.1 billion**.  **[1520262_20251022NE04064:0]** **[1520262_20251022NE04064:2]** **[1520262_20251022NE04064:12]** 
- This represents a **38% premium** to Avadel's weighted average trading price over the three months prior to October 22, 2025, and a **12% premium** to its closing price on October 21, 2025.  **[1520262_20251022NE04064:0]** **[1520262_20251022NE04064:12]** 
- The acquisition adds Avadel's FDA-approved product, **LUMRYZ™**, for narcolepsy to Alkermes' commercial portfolio, accelerating its entry into the sleep medicine market.  **[1520262_20251022NE04064:0]** **[1520262_20251022NE04064:1]** 
- LUMRYZ™ had approximately **3,100 patients** on therapy as of **June 30, 2025**, and is expected to generate net revenues of **$265 – $275 million in 2025**.  **[1520262_20251022NE04064:0]** 
- The transaction is expected to be **immediately accretive** and enhance Alkermes' revenue growth profile and profitability upon closing, which is anticipated in the **first quarter of 2026**.  **[1520262_20251022NE04064:0]** **[1520262_20251022NE04064:1]** **[1520262_20251022NE04064:2]** **[1520262_20251022NE04064:15]** **[1520262_20251022NE04064:17]**

Alkermes to Acquire Avadel Pharmaceuticals for Up to $2.1 Billion

- Alkermes Pharma Ireland Limited (APIL), a subsidiary of Alkermes plc, entered into an **authorized generic product supply agreement** with Amneal Pharmaceuticals LLC on **September 9, 2025**, for a generic version of **VIVITROL®**.  **[1520262_0001193125-25-202307_alks-20250815.htm:1]** 
- Under this agreement, APIL will supply Amneal with a limited quantity, not exceeding approximately **15% of 2024 VIVITROL unit sales**, and will **share Net Profits** from its sales.  **[1520262_0001193125-25-202307_alks-20250815.htm:1]** 
- Alkermes subsidiaries filed **patent infringement lawsuits** against Teva, Apotex, and MSN in August and September 2025, challenging their abbreviated new drug applications (ANDAs) for generic versions of **LYBALVI®**.  **[1520262_0001193125-25-202307_alks-20250815.htm:2]** 
- These lawsuits triggered **30-month stays of FDA approval** for the generic LYBALVI® products, protecting Alkermes' patents which expire between **2032 and 2041**.  **[1520262_0001193125-25-202307_alks-20250815.htm:2]**

Alkermes plc Enters Authorized Generic Agreement for VIVITROL® and Files Patent Infringement Lawsuits for LYBALVI®

Alkermes (ALKS)