Alkermes Increases Offer to Buy Avadel in Bid to Outdo Lundbeck Proposal

Alkermes ALKS has increased its offer to buy Avadel Pharmaceuticals AVDL to $22.50 per share, valuing the deal at $2.37 billion. This follows Lundbeck's unsolicited offer to acquire Avadel for up to $23.00 per share. Alkermes' revised offer includes a $21.00 cash payment and a non-transferable CVR worth up to $1.50, payable upon FDA approval of Lumryz by December 2028. The transaction is expected to close in Q1 2026, subject to customary closing conditions.