Avadel Board Labels Lundbeck Acquisition Bid a Superior Proposal

Core Insights - Avadel Pharmaceuticals' board has deemed Lundbeck's unsolicited acquisition offer as a "Company Superior Proposal" compared to the existing agreement with Alkermes [1][8][10] Acquisition Offers - Lundbeck has made an unsolicited offer to acquire Avadel for up to $23.00 per share, valuing the company at approximately $2.4 billion, which represents a 29% premium over Avadel's closing price on October 21, 2025 [2][6] - The previous agreement with Alkermes was for up to $20.00 per share, totaling around $2.1 billion [3][10] Financial Performance - Avadel's shares have increased by 119% year-to-date, significantly outperforming the industry average rise of 6.4% [5] - Lumryz, Avadel's lead product, generated sales of $198.1 million in the first nine months of 2025, marking a year-over-year increase of nearly 67% [9] Product Details - Lumryz is approved as the first and only once-at-bedtime oxybate for treating cataplexy or excessive daytime sleepiness in patients aged seven years and older with narcolepsy [7] Next Steps in Acquisition Process - Following Lundbeck's offer, Avadel has activated a five-business-day window for Alkermes to potentially revise its acquisition proposal [10][11] - If Avadel determines that Lundbeck's offer remains superior after this period, it may terminate the agreement with Alkermes [11][12]