Management acknowledged potential generic competition for VIVITROL in 2027, noting the product's manufacturing complexity as a significant barrier to entry for competitors.The expiration of Zeppelin royalties in the second half of 2026 is expected to create a headwind for manufacturing and royalty revenue streams.VIVITROL and ARISTADA 2025 results included $27M and $14M respectively in one-time gross-to-net favorability that management explicitly stated will not recur in 2026.A non-cash inventory step-up ch ...

Core Viewpoint - Avadel Pharmaceuticals plc has received approval from the Irish High Court for a scheme of arrangement that will allow Alkermes plc to acquire all issued shares of Avadel, marking a significant step in the Proposed Transaction [1][2]. Company Overview - Avadel Pharmaceuticals plc is a biopharmaceutical company focused on innovative medication solutions, with its commercial product LUMRYZ™ being the first and only once-at-bedtime oxybate approved for treating narcolepsy in patients aged 7 and older [5]. Proposed Transaction Details - The Proposed Transaction involves Alkermes acquiring the entire issued and to be issued ordinary share capital of Avadel [1]. - The completion of the Proposed Transaction is contingent upon the delivery of a copy of the Court Order sanctioning the Scheme to the Registrar of Companies [2]. - The Court Order is expected to be processed by February 11, 2026, with the Scheme taking effect on February 12, 2026, leading to the last trading day of Avadel Shares on Nasdaq being February 11, 2026 [3].

Core Viewpoint - Avadel Pharmaceuticals plc has successfully passed the necessary resolutions for the proposed acquisition by Alkermes plc, indicating strong shareholder support for the transaction [1][3][5]. Group 1: Scheme Meeting Results - At the Scheme Meeting, 61,861,352 shares were voted in favor of the Scheme Meeting Proposal, representing 97.41% of the votes, while 1,646,857 shares, or 2.59%, were against it [3]. - A total of 21 shareholders participated in the voting, with 20 shareholders (95.24%) voting in favor and one shareholder (4.76%) voting against the proposal [3]. - The votes in favor represented 63.03% of the total 98,151,471 Avadel shares outstanding as of the voting record time [4]. Group 2: Extraordinary General Meeting Results - At the EGM, the Scheme Approval Proposal received 62,444,065 votes in favor, accounting for 96.53%, while 2,247,706 votes (3.47%) were against it [5]. - The Articles of Association Amendment Proposal was approved with 61,808,690 votes in favor (95.85%) and 2,673,461 votes against (4.15%) [6]. - The Compensation Proposal was supported by 55,489,041 votes (86.37%), with 8,757,025 votes (13.63%) against it [6]. Group 3: Company Overview - Avadel Pharmaceuticals plc is a biopharmaceutical company focused on innovative solutions for medication development, with its commercial product LUMRYZ™ approved for treating narcolepsy [7].

Core Viewpoint - Alkermes plc has reached an agreement to acquire Avadel Pharmaceuticals plc, with the transaction structured as a scheme of arrangement under Irish law [1][7]. Group 1: Proposed Transaction Details - The acquisition involves Alkermes acquiring the entire issued and to be issued ordinary share capital of Avadel [1]. - A proxy statement has been mailed to Avadel shareholders, detailing the terms and conditions of the Proposed Transaction [2]. - The Scheme Meeting for Avadel shareholders is scheduled for January 12, 2026, at 10:00 a.m. Irish local time, followed by an extraordinary general meeting at 10:15 a.m. [3]. Group 2: Company Background - Avadel Pharmaceuticals plc is a biopharmaceutical company focused on innovative medication solutions, with its commercial product LUMRYZ™ approved for treating narcolepsy [4].

Core Viewpoint - Alkermes plc has reached an agreement to acquire Avadel Pharmaceuticals plc, with the transaction structured as a scheme of arrangement under Irish law [1][8]. Group 1: Proposed Transaction Details - The acquisition will involve Alkermes acquiring the entire issued and to be issued ordinary share capital of Avadel [1]. - The transaction is to be implemented via a scheme of arrangement under Chapter 1 of Part 9 of the Irish Companies Act 2014 [1]. - The Irish High Court has ordered a scheme meeting for Avadel shareholders to consider and vote on the scheme [2]. Group 2: Meeting Information - The Scheme Meeting is scheduled for January 12, 2026, at 10:00 a.m. Irish local time, followed by an extraordinary general meeting (EGM) at 10:15 a.m. or as soon as possible thereafter [3]. - Both meetings will take place at the offices of Arthur Cox LLP in Dublin, Ireland [3]. Group 3: Shareholder Communication - A proxy statement, which serves as a scheme circular, will be mailed to Avadel shareholders around December 3, 2025, detailing the terms and conditions of the proposed transaction [4]. - The definitive Proxy Statement will include important information regarding the transaction and will be sent to shareholders as of the record date of November 25, 2025 [9]. Group 4: Company Overview - Avadel Pharmaceuticals plc is a biopharmaceutical company focused on innovative medication solutions, with its commercial product LUMRYZ™ approved for treating narcolepsy [5].

Core Insights - Avadel Pharmaceuticals reported a significant increase in patient enrollment for LUMRYZ, with approximately 3,400 patients treated as of September 30, 2025, representing a 48% increase from the previous year [1] - The company announced a global settlement with Jazz Pharmaceuticals, resolving all litigation and allowing Avadel to commercialize LUMRYZ for additional indications starting March 1, 2028 [9] - Alkermes is set to acquire Avadel for a total transaction value of approximately $2.1 billion, with the deal expected to close in the first quarter of 2026 [2][3] Financial Performance - Avadel generated $77.5 million in net product revenue from LUMRYZ in Q3 2025, marking a 55% increase from $50.0 million in Q3 2024 [10] - Gross profit for Q3 2025 was $81.6 million, or 105% of net product revenue, compared to $43.9 million, or 88% of net product revenue, in the same period of 2024 [11] - Research and development expenses surged to $27.0 million in Q3 2025, up from $3.8 million in Q3 2024, primarily due to upfront license fees related to valiloxybate [12] Corporate Developments - The REVITALYZ™ study, a Phase 3 trial for LUMRYZ, is on track for patient enrollment completion by the end of 2025 [6] - Avadel has strengthened its sleep medicine portfolio by acquiring an exclusive license for valiloxybate from XWPharma, with an upfront payment of $15 million made in Q3 2025 [7] - The company presented new data at World Sleep 2025 supporting LUMRYZ's efficacy in treating narcolepsy across various patient segments [8] Settlement with Jazz Pharmaceuticals - The settlement agreement with Jazz includes the dismissal of lawsuits and upfront cash consideration for Avadel, along with royalty rights for Jazz on LUMRYZ sales from October 1, 2025, to February 18, 2036 [9]

Core Viewpoint - Monteverde & Associates PC is investigating Avadel Pharmaceuticals plc regarding its proposed sale to Alkermes plc, which includes a cash payment of $18.50 per share and a contingent value right of $1.50 per share, pending FDA approval of LUMRYZ™ by the end of 2028 [1]. Group 1: Company Overview - Monteverde & Associates PC is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report and has recovered millions for shareholders [1]. - The firm is headquartered in the Empire State Building, New York City, and specializes in class action securities litigation [2]. Group 2: Transaction Details - Avadel shareholders are set to receive $18.50 per share in the proposed transaction with Alkermes plc [1]. - Additionally, shareholders may receive a contingent payment of $1.50 per share, contingent upon the FDA's final approval of LUMRYZ™ for treating idiopathic hypersomnia by the end of 2028 [1].

Core Viewpoint - Halper Sadeh LLC is investigating the fairness of the proposed sale of Avadel Pharmaceuticals plc to Alkermes plc for Avadel shareholders [1] Transaction Details - The proposed transaction offers Avadel shareholders $18.50 per share [1] - Shareholders will also receive a non-transferable contingent value right that could provide an additional cash payment of $1.50 per share, contingent upon final FDA approval of LUMRYZ™ for the treatment of idiopathic conditions [1]

Core Insights - Ligand Pharmaceuticals Incorporated (NASDAQ:LGND) is a biopharmaceutical company focused on developing and acquiring technologies for medicine discovery and development [1] - The company operates in a competitive landscape with peers including Neurocrine Biosciences, Incyte Corporation, Alkermes plc, Myriad Genetics, and United Therapeutics Corporation [1] Financial Performance - Ligand's Return on Invested Capital (ROIC) is -3.48%, which is below its Weighted Average Cost of Capital (WACC) of 7.60%, indicating insufficient returns to cover capital costs [2] - Neurocrine Biosciences has a ROIC of 9.78% and a WACC of 5.47%, resulting in a ROIC to WACC ratio of 1.79, demonstrating effective capital utilization [3] - Incyte Corporation and United Therapeutics Corporation also exhibit strong ROIC to WACC ratios of 2.50 and 2.28, respectively, indicating efficient capital management [3] - Alkermes plc has the highest ROIC to WACC ratio of 2.93, suggesting it generates returns significantly above its cost of capital, making it an attractive investment [4] - Myriad Genetics shows a negative ROIC of -71.95% against a WACC of 10.96%, resulting in a ROIC to WACC ratio of -6.57, highlighting severe inefficiencies in capital utilization [4]

Core Insights - The survey highlights that medication adherence is a significant concern for healthcare providers when selecting treatments for patients with schizophrenia and bipolar I disorder (BDI) [1][4] - A strong consensus (98%) among respondents indicates that the quality of life for patients is equally important as symptom management in treatment considerations [1][4] Group 1: Survey Findings - The survey conducted by The Harris Poll on behalf of Alkermes involved over 250 healthcare providers treating BDI and schizophrenia patients [1][2] - 66% of healthcare providers reported that their BDI patients have good or excellent overall quality of life, while only 21% felt the same for their schizophrenia patients [2] - Medication switching is common, with BDI patients switching medications an average of seven times and schizophrenia patients eight times throughout their lifetime [4] Group 2: Treatment Concerns - The top concerns for BDI patients include long-term medication adherence (36%), frequency of manic symptoms (32%), and depressive symptoms (31%) [2] - For schizophrenia patients, the primary worries are the ability to take medication as prescribed (41%) and long-term adherence (41%) [2] - 82% of providers noted that patients often switch medications due to perceived ineffectiveness, while 81% cited intolerable side effects as a reason [4] Group 3: Treatment Selection Criteria - When selecting treatment options, healthcare providers prioritize whether patients can adhere to medication as prescribed (15%), the availability of extensive clinical trial research (15%), and experiences with other patients (13%) [4] - 68% of respondents indicated that inclusion in clinical guidelines would encourage them to explore new treatments, while 65% emphasized the importance of accessibility through insurance [4] Group 4: Importance of Quality of Life - Almost all surveyed healthcare providers (98%) agreed that managing quality of life is as crucial as symptom management in treatment efficacy [4] - Key outcomes for successful treatment include reduced symptom frequency (44%), independence in daily activities (38%), and long-term medication adherence (30%) [4]