The Public M&A and Life Sciences teams have advised Avadel Pharmaceuticals in connection with its amended transaction agreement with Alkermes.
Under the revised terms, Alkermes has increased the recommended offer to acquire Avadel for total transaction consideration of up to $22.50 per share, consisting of $21.00 in cash and one non-transferable contingent value right (CVR) entitling holders to a potential additional cash payment of $1.50 per share, contingent upon final U.S. Food and Drug Administration ("FDA") LUMRYZ" Approval, for the treatment of idiopathic hypersomnia in adults by the end of 2028.
The increased offer values Avadel at up to approximately $2.37 billion, assuming the milestone payment is achieved.
Alkermes plc (Nasdaq: ALKS), a mid-cap growth and value equity, is a global biopharmaceutical company that seeks to develop innovative medicines in the field of neuroscience.
Avadel Pharmaceuticals plc (Nasdaq: AVDL) is a biopharmaceutical company focused on transforming medicines to transform lives. Avadel's approach includes applying innovative solutions to the development of medications that address the challenges patients face with current treatment options.
The Goodwin deal team was led by Robert Puopolo, Blake Liggio, Caitlin Tompkins and Stephanie Isaia.