Alkermes to acquire Avadel

Dublin, Ireland-base Alkermes (Nasdaq: ALKS) has entered into a definitive agreement to acquire Avadel (Nasdaq: AVDL), a commercial-stage biopharmaceutical company, marking a deeper push into sleep medicine.

The transaction consideration is for up to $20.00 per share in cash, which values Avadel at approximately $2.1 billion and represents a premium of 38% to the weighted average trading price of Avadel over the three months prior to the announcement and a premium of 12% to Avadel's closing price on October 21, 2025 (being the last business day prior to publication of this announcement). The transaction has been approved by the boards of directors of both companies and is expected to close in the first quarter of 2026. Avadel’s shares closed up 3.7% at $18.52 following the announcement

The planned acquisition adds Avadel's Food and Drug Administration (FDA)-approved product, Lumryz (sodium oxybate) for the treatment of cataplexy or excessive daytime sleepiness in patients over 7 years of age with narcolepsy, to Alkermes' commercial portfolio. This strategic move accelerates Alkermes' entry into the sleep medicine market and enhances its ability to unlock the full potential of its late-stage development pipeline focused on central disorders of hypersomnolence.