Core Viewpoint - Alkermes plc is making a strategic acquisition of Avadel Pharmaceuticals valued at up to $2.1 billion to enhance its position in the sleep medicine market, particularly focusing on central nervous system disorders [2][5]. Group 1: Acquisition Details - The acquisition will leverage Avadel's drug Lumryz, which treats excessive daytime sleepiness in narcolepsy patients, and aims to unlock the potential of Alkermes' late-stage pipeline [2]. - The deal values Avadel's stock at $18.50 per share, with an additional contingent value right (CVR) of $1.50 per share, contingent on FDA approval of Lumryz for idiopathic hypersomnia by the end of 2028 [3][5]. Group 2: Financial Aspects - Alkermes plans to finance the acquisition using its cash reserves and by issuing new debt [3][5]. - At the time of the acquisition announcement, Alkermes' stock price was $31.84, and it experienced a decline following the news, while Avadel's shares increased [3]. Group 3: Stock Performance - On the trading day of the announcement, Alkermes' stock was priced at $31.74, reflecting a 0.93% increase with a trading volume of 2,154,100 shares [4]. - Over the past year, Alkermes' stock has fluctuated between a high of $36.45 and a low of $25.17, with a current market capitalization of approximately $5.24 billion [4].