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Vandana Singh

Alkermes Strikes $2.1 Billion Avadel Deal, Gains Access To Narcolepsy Drug Lumryz

Avadel Alkermes Nasdaq ALKS Alkermes plc Jazz FDA

biotech lab

On Wednesday, Alkermes plc (NASDAQ:ALKS) agreed to acquire Avadel Pharmaceuticals plc (NASDAQ:AVDL) for up to $20 per share in cash, which values Avadel at approximately $2.1 billion.

The deal consideration consists of $18.50 per share, payable in cash, and an additional $1.50 per share, contingent upon final FDA approval of Lumryz for idiopathic hypersomnia in adults by the end of 2028.

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