On Wednesday, Alkermes plc (NASDAQ:ALKS) agreed to acquire Avadel Pharmaceuticals plc (NASDAQ:AVDL) for up to $20 per share in cash, which values Avadel at approximately $2.1 billion.The deal consideration consists of $18.50 per share, payable in cash, and an additional $1.50 per share, contingent upon final FDA approval of Lumryz for idiopathic hypersomnia in adults by the end of 2028.The transaction has been approved by the boards of directors of both companies and is expected to close in the first quarte ...

Group 1: Acquisition Details - Alkermes has agreed to acquire Avadel Pharmaceuticals for up to $2.1 billion, with Avadel's stock valued at $18.50 per share and an additional contingent value right of $1.50 per share tied to FDA approval of Lumryz by the end of 2028 [1][3]. - The acquisition is aimed at accelerating Alkermes' entry into the sleep medicine market and enhancing its late-stage pipeline focused on central disorders of hypersomnolence [2][4]. Group 2: Market Reaction - Following the announcement, Alkermes' stock decreased by more than 1% to $31, while Avadel Pharmaceuticals' stock increased by 3.5% to $18.50 [4]. Group 3: Analyst Insights - RBC Capital Markets analyst Leonid Timashev indicated that the acquisition aligns with Alkermes' strategic pivot into the sleep space and reflects confidence in upcoming data for their orexin treatments [4].

PresentationOperator Greetings, and welcome to the Alkermes Investor Call. My name is Rob, and I'll be your operator for today's call. [Operator Instructions] Please note that the conference is being recorded. At this time, I'll turn the call over to Sandra Coombs, Senior Vice President of Investor Relations and Corporate Affairs. Sandy, you may now begin. ...

Core Insights - Samsung has launched its Galaxy XR headset, priced at $1,800, to compete with Apple's Vision Pro, which is nearly double the price [1] - The Galaxy XR operates on Google's Android XR OS and Qualcomm's Snapdragon XR2+ Gen 2 platform, offering up to two hours of general use and two and a half hours of video playback [1] Specifications - The headset features a micro OLED display with 27 million pixels, surpassing the Vision Pro by six million pixels, and has a resolution of 3,552 x 3,840 [2] - It has a refresh rate of 90Hz, compared to the Vision Pro's 120Hz, and includes multiple cameras for tracking and pass-through capabilities [2] Design and User Experience - Samsung emphasizes the lightweight design of the Galaxy XR, weighing 545g, which is significantly lighter than the Vision Pro's weight of 750g-800g [2] - The ergonomic design aims to distribute pressure evenly, minimizing discomfort during use [4] Features and Applications - The headset supports various applications optimized for XR, including Google Maps, YouTube, and Google Photos, allowing users to interact with their environment in immersive ways [4][5] - Users can multitask with multiple apps open simultaneously and stream content on a 4K Micro-OLED screen, with support from major streaming services [9] Promotional Offers - Customers purchasing the Galaxy XR by the end of the year will receive an Explorer Pack, which includes 12 months of Google AI Pro, YouTube Premium, and other subscriptions [10]

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Exhibit 10.1 BRIDGE TERM LOAN CREDIT AGREEMENT dated as of October 22, 2025 among ALKERMES PLC, as the TopCo Borrower, ALKERMES, INC., as the U.S. Borrower, The Lenders Party Hereto JPMORGAN CHASE BANK, N.A., as Administrative Agent, JPMORGAN CHASE BANK, N.A., | Section 3.09 | Taxes | 78 | | --- | --- | --- | | Section 3.10 | ERISA | 78 | | Section 3.11 | Disclosure | 78 | | Section 3.12 | Liens | 79 | | Section 3.13 | No Default | 79 | | Section 3.14 | Intentionally Omitted | 79 | | Section 3.15 | Solvency ...

Summary of Alkermes Investor Call on Acquisition of Avadel Pharmaceuticals Company and Industry - **Company**: Alkermes (NasdaqGS:ALKS) - **Acquisition Target**: Avadel Pharmaceuticals - **Industry**: Sleep Medicine and Pharmaceuticals Core Points and Arguments 1. **Acquisition Announcement**: Alkermes has entered into a definitive agreement to acquire Avadel Pharmaceuticals in an all-cash transaction, expected to be immediately accretive upon closing [4][15]. 2. **Strategic Importance**: The acquisition is seen as strategic, allowing Alkermes to gain a patented, FDA-approved product, Lumryz, which addresses significant unmet needs in the sleep medicine market [4][6]. 3. **Market Positioning**: The acquisition positions Alkermes as a key player in the sleep medicine market, particularly in anticipation of the launch of ALKS 2680 (Elixer Extant) [4][9]. 4. **Financial Aspects**: Alkermes will acquire Avadel for $18.50 per share, with a potential additional cash payment of $1.50 per share contingent on FDA approval for Lumryz in idiopathic hypersomnia [13][14]. 5. **Growth Potential**: Lumryz is projected to generate net sales of $265 million to $275 million in 2025, significantly enhancing Alkermes' revenue and profitability [11]. 6. **Patient Base**: As of June 30, 2023, there were approximately 3,100 patients on Lumryz therapy, with an estimated 50,000 oxybate-eligible patients in the U.S., indicating a robust growth trajectory [8][10]. 7. **Development Pipeline**: The acquisition aligns with Alkermes' development pipeline, which includes ALKS 2680 and other candidates, reinforcing its commitment to neuroscience and rare diseases [10][11]. 8. **Commercial Infrastructure**: Avadel's established commercial infrastructure will facilitate the launch of ALKS 2680, avoiding the costs associated with building a new commercial team from scratch [9][16]. 9. **Financial Strength**: Alkermes ended the third quarter with $1.14 billion in cash and no debt, indicating a strong financial position to support the acquisition [16][17]. 10. **Market Dynamics**: The market for sleep medicine is expected to grow, with new medicines entering the space, and the once-at-bedtime oxybate category is anticipated to maintain its position despite increased competition [24][39]. Other Important Content 1. **Regulatory Considerations**: The acquisition is subject to regulatory approvals and shareholder approval from Avadel, with expectations to close in the first quarter of 2026 [15][17]. 2. **Market Strategy**: Alkermes plans to leverage its existing capabilities and infrastructure to support the growth of Lumryz and the launch of ALKS 2680, enhancing its market presence [10][57]. 3. **Sales Force Evaluation**: The existing sales force of Avadel is deemed sufficient for current operations, with potential adjustments as the market evolves [77]. 4. **Contingent Value Rights**: The deal includes a contingent value right for Avadel shareholders, reflecting Alkermes' confidence in Lumryz's future performance [13][68]. 5. **Long-term Outlook**: The overall treated population for narcolepsy is expected to grow, which could benefit both Lumryz and ALKS 2680, enhancing the market for both products [55][39]. This summary encapsulates the key points discussed during the investor call regarding Alkermes' acquisition of Avadel Pharmaceuticals, highlighting the strategic, financial, and market implications of the transaction.

Proposed Acquisition of Avadel Pharmaceuticals plc October 22, 2025 NO OFFER OR SOLICITATION This presentation is for information purposes only and is not intended to and does not constitute, or form part of, an offer, invitation or the solicitation of an offer or invitation to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to the transaction or otherwise, nor shall there be any sale, issuance ...

Core Viewpoint - Alkermes announced its intention to acquire Avadel Pharmaceuticals for a total consideration of up to $2.1 billion, which will provide access to Avadel's approved drug for excessive daytime sleepiness [1] Company Summary - The acquisition will enhance Alkermes' portfolio by adding a drug that addresses excessive daytime sleepiness, a significant market need [1] - The total acquisition cost is stated to be up to $2.1 billion, indicating a substantial investment by Alkermes in expanding its therapeutic offerings [1]

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