Core Viewpoint - Alkermes plc has agreed to acquire Avadel Pharmaceuticals plc for up to $20 per share, valuing Avadel at approximately $2.1 billion, with the deal expected to close in the first quarter of 2026 [1][2]. Strategic Rationale - The acquisition will add Avadel's FDA-approved product, Lumryz, to Alkermes' portfolio, enhancing its entry into the sleep medicine market and supporting its late-stage development pipeline focused on hypersomnolence disorders [3]. - The transaction is anticipated to be immediately accretive, with Lumryz having built strong demand since its launch in 2023, with approximately 3,100 patients on therapy as of June 30, 2025 [4]. Financial Expectations - Avadel expects net revenues of $265 million to $275 million in 2025, with over 50,000 oxybate-eligible narcolepsy patients in the U.S. [5]. - The combined financial strength will support Alkermes' development strategy for orexin 2 receptor agonists and potential label expansion for Lumryz [5]. Legal Settlement - Avadel announced a global settlement with Jazz Pharmaceuticals, which includes a $90 million payment from Jazz and a perpetual license for Lumryz, allowing for future sales without challenges from Jazz [6][7].