Nov. 14 at 1:39 PM
Avadel shares rose Friday after the company received an unsolicited takeover proposal from H. Lundbeck valuing it at up to
$23 per share. The offer includes
$21 in cash at closing plus a non-transferable CVR worth up to
$2 based on U.S. sales milestones for LUMRYZ and valiloxybate:
$1 if combined sales reach
$450M by 2027, and another
$1 if they hit
$700M by 2030.
The proposal follows Avadel’s October 22 agreement to be acquired by Alkermes for up to
$20 per share, including
$18.50 in cash and a
$1.50 CVR tied to FDA approval of LUMRYZ for idiopathic hypersomnia by year-end 2028.
Avadel’s board said the Lundbeck proposal could reasonably be considered a “Company Superior Proposal,” allowing discussions, though it hasn’t changed its recommendation on the Alkermes deal. Under Irish takeover rules, Lundbeck must announce a firm intention to bid—or walk away—no later than seven days before Avadel’s shareholder vote on the Alkermes transaction.
$AVDL $ALKS