Apax Partners walks away from Pinewood deal, citing tough market conditions | ReutersSkip to main content[Exclusive news, data and analytics for financial market professionalsLearn more aboutRefinitiv]Feb 13 (Reuters) - Private equity firm Apax Partners withdrew its offer for British automotive service provider Pinewood Technologies on Friday, citing prevailing challenging market conditions.Apax Partners had [proposed] to buy Pinewood Technologies in a $792 million deal in late January, which had sent the s ...

Group 1: Acquisition Details - Alkermes has agreed to acquire Avadel Pharmaceuticals for up to $2.1 billion, with Avadel's stock valued at $18.50 per share and an additional contingent value right of $1.50 per share tied to FDA approval of Lumryz by the end of 2028 [1][3]. - The acquisition is aimed at accelerating Alkermes' entry into the sleep medicine market and enhancing its late-stage pipeline focused on central disorders of hypersomnolence [2][4]. Group 2: Market Reaction - Following the announcement, Alkermes' stock decreased by more than 1% to $31, while Avadel Pharmaceuticals' stock increased by 3.5% to $18.50 [4]. Group 3: Analyst Insights - RBC Capital Markets analyst Leonid Timashev indicated that the acquisition aligns with Alkermes' strategic pivot into the sleep space and reflects confidence in upcoming data for their orexin treatments [4].