Benzingaยท2025-11-14 16:37Core Viewpoint - Avadel Pharmaceuticals plc has received an unsolicited acquisition proposal from H. Lundbeck A/S, offering up to $23.00 per ordinary share, which includes $21 in cash and a contingent value right of $2 per share [1][2]. Group 1: Proposal Details - The Lundbeck proposal consists of $21 per share in cash and a non-transferable contingent value right (CVR) that could provide an additional $2 per share [2]. - Avadel's Board of Directors believes that the Lundbeck proposal could potentially be a "Company Superior Proposal" compared to its existing agreement with Alkermes plc [3]. Group 2: Existing Agreement with Alkermes - Alkermes had previously agreed to acquire Avadel for up to $20 per share in cash, valuing the company at approximately $2.1 billion, which includes $18.50 per share in cash and an additional $1.50 per share contingent on FDA approval of Lumryz by the end of 2028 [4]. - The board has stated that while they can engage in discussions with Lundbeck, they cannot terminate the agreement with Alkermes or finalize any deal with Lundbeck at this time [5]. Group 3: Market Reaction - Following the news of the Lundbeck proposal, Avadel Pharmaceuticals shares increased by 20.22%, reaching a new 52-week high of $23.13 [6].