Avadel received a $23 per share offer from Lundbeck.

Important Offer from Avadel Pharmaceuticals

Avadel Pharmaceuticals (AVDL) announced that it has received an unsolicited acquisition offer from H. Lundbeck A/S valued at $23 per share. This offer includes $21 in cash per share plus contingent value rights of $2 per share based on future drug sales.

Contingent Payments and Expectations

The contingent payments in the offer stipulate that $1 per share will be paid if Avadel's two key drug products, LUMRYZ and valiloxybate, reach total annual sales of $450 million in the U.S. by December 31, 2027, and an additional $1 per share if annual sales reach $700 million by December 31, 2030.

Board of Directors Evaluation

Avadel's board of directors characterized Lundbeck's offer as a “Superior Proposal” after evaluating the company’s current agreement with Alkermes. This decision allows Avadel to provide information to Lundbeck and begin negotiations; however, it does not permit the termination of the existing Alkermes agreement or the signing of an agreement with Lundbeck.

Current Agreements

Avadel is under a definitive agreement with Alkermes as announced on October 22, 2025, under which shareholders will receive up to $20 per share.

The information contained herein is not investment advice.