Core Insights - Alkermes has agreed to acquire Avadel Pharmaceuticals for up to $20 per share, valuing Avadel at $2.1 billion, which will expedite Alkermes' entry into the sleep medicine sector [1][2] - The acquisition is expected to be immediately accretive and represents a strategic opportunity to enhance Alkermes' operational infrastructure and rare disease capabilities [2][4] - The transaction has received approval from the boards of both companies and is set to conclude in the first quarter of 2026 [1] Company Strategy - Alkermes CEO Richard Pops emphasized that this acquisition is a pivotal step in the company's strategic evolution, allowing for accelerated entry into the sleep medicine market [3] - The acquisition will enhance Alkermes' revenue growth profile and is expected to reinforce long-term value for shareholders [4] - The combined organization will leverage its financial capabilities to develop Alkermes' orexin-2 receptor agonists portfolio, which includes ALKS 4510 and ALKS 7290, currently in Phase I trials [4] Product Details - Avadel's FDA-approved therapy, Lumryz (sodium oxybate), is used to treat cataplexy or excessive daytime sleepiness in narcolepsy patients aged seven and older [2] - The acquisition will allow Alkermes to build on Avadel's innovative portfolio and commercial capabilities, providing a strong foundation for growth in the sleep medicine therapeutic area [4]