Alkermes Acquires Avadel Pharmaceuticals for $2.1B, Gaining Sleep Drug LUMRYZ and Setting Strategic Evolution

Alkermes has agreed to acquire Avadel Pharmaceuticals for up to $2.1 billion in a cash deal valued at up to $20 per share, which represents a 38% premium over Avadel’s three-month average price and a 12% premium to its October 21 closing price1246.

The acquisition brings Avadel’s FDA-approved product LUMRYZ™ (sodium oxybate), a once-nightly oral medication for cataplexy or excessive daytime sleepiness in narcolepsy patients aged seven and older, into Alkermes' commercial portfolio2346.

This move accelerates Alkermes’ commercial entry into the sleep medicine market and is intended to diversify and augment its revenue growth profile, especially in rare diseases and central disorders of hypersomnolence2346.

The transaction has been unanimously approved by the boards of both companies and is expected to close in the first quarter of 2026, subject to regulatory and shareholder approvals246.

Alkermes expects this acquisition to be immediately accretive to its financial results, leveraging its commercial strengths and operational infrastructure246.

The acquisition provides Alkermes with a strong foundation for the potential launch of other late-stage sleep disorder treatments and expands its leadership in the development of therapies for neurological and sleep disorders46.

Sources:

1. https://www.fidelity.com/news/article/mergers-and-acquisitions/202510221518BENZINGAFULLNGTH48364729

2. https://www.gurufocus.com/news/3153899/alkermes-alks-to-acquire-avadel-pharmaceuticals-for-21b

3. https://www.fiercepharma.com/pharma/alkermes-pays-21b-acquire-avadel-and-its-long-acting-narcolepsy-drug-lumryz

4. https://www.morningstar.com/news/pr-newswire/20251022ne04064/alkermes-plc-announces-agreement-to-acquire-avadel-pharmaceuticals-plc

6. https://aijourn.com/alkermes-plc-announces-agreement-to-acquire-avadel-pharmaceuticals-plc/