Lundbeck Fires First Shot in Bidding War With Alkermes Over Sleep Biotech Avadel

Lundbeck has made a competing bid for the sleep biotech company Avadel, aiming to outbid Alkermes, which had already made an offer.13

Alkermes' prior offer included $18.50 per share upfront, with an additional $1.50 per share contingent on FDA approval of Avadel's key drug, Lumryz, for idiopathic hypersomnia.1

Lundbeck's proposal offers a higher cash amount per share and more total value (including contingent value rights, CVRs) than the Alkermes bid announced in October.3

Although Alkermes has an agreement in place, Avadel is now in talks and negotiations with Lundbeck in light of this higher offer.2

The battle for Avadel, centered on its sleep disorder drug portfolio, highlights increasing interest in treatments for sleep-related conditions.123

Sources:

1. https://pharmaphorum.com/news/lundbeck-makes-bid-avadel-trying-displace-alkermes

2. https://www.biospace.com/deals/another-bidding-war-breaks-as-lundbeck-bids-for-sleep-biotech-avadel

3. https://insights.citeline.com/scrip/business/deals/another-bidding-war-as-lundbeck-swoops-in-on-alkermesavadel-deal-D24LLXBG5FC4VFSZ5XCUENNQUY/