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Avadel Pharmaceuticals plc (NASDAQ:AVDL) on Friday received an unsolicited proposal from H. Lundbeck A/S for up to $23.00 per ordinary share.
The deal consideration includes $21 per share in cash and a non-transferable contingent value right (CVR) of potential additional cash payments of $2 per share.
Avadel’s Board of Directors has determined in good faith, after consultation with its financial and legal advisors, that the Lundbeck Proposal would reasonably be expected to result in a “Company Superior Proposal” as defined in Avadel’s existing transaction agreement with Alkermes plc (NASDAQ:ALKS).
Also Read: Alkermes Eyes Global Phase 3 Trial After Encouraging Data From Sleep Disorder Study
In October, Alkermes agreed to acquire Avadel 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.
Avadel's board said the unsolicited Lundbeck proposal could potentially lead to a superior offer under its agreement with Alkermes. This permits the company to share information and engage in discussions with Lundbeck, but it cannot end its Alkermes deal or sign any agreement with Lundbeck.
The board has not concluded that Lundbeck's proposal is superior, nor has it withdrawn its support for the Alkermes acquisition.
AVDL Price Action: Avadel Pharmaceuticals shares were up 20.22% at $23.13 at the time of publication on Friday. The stock is trading at a new 52-week high, according to Benzinga Pro data.
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