Avadel Pharmaceuticals plc shareholders voted in favor of Alkermes plc’s proposed acquisition on January 12 2026, clearing the final shareholder hurdle and enabling the transaction to move toward regulatory and customary approvals. The vote was reported in a Form 8‑K filed on January 13 2026, confirming the outcome and the date of the shareholder meeting.
Alkermes’ final offer of up to $22.50 per share – valuing Avadel at roughly $2.37 billion – supersedes earlier bids of $18.50 and $20.00 per share. The higher price was announced after Alkermes received an unsolicited bid from H. Lundbeck A/S, which the Avadel board deemed less attractive. The increased offer reflects Alkermes’ confidence in the strategic fit and the value of Avadel’s flagship product, LUMRYZ.
The transaction includes a contingent value right (CVR) that entitles Alkermes to an additional $1.50 per share if LUMRYZ receives FDA approval for idiopathic hypersomnia by the end of 2028. The deal also requires approval from the Irish High Court, a regulatory step that remains pending but is expected to clear once the court’s conditions are met.
Strategically, the acquisition gives Alkermes immediate access to LUMRYZ, the only once‑at‑bedtime oxybate approved for narcolepsy, and expands its presence in the growing narcolepsy and idiopathic hypersomnia markets. Alkermes’ own orexin‑2 receptor agonist program, including alixorexton, is poised to enter Phase 3 trials, positioning the combined company to become a leader in sleep‑medicine therapeutics. The deal is projected to be immediately accretive, boosting Alkermes’ revenue growth and profitability.
Alkermes CEO Richard Pops said the acquisition is a “pivotal step in our strategic evolution,” adding that the combined portfolio will accelerate commercial entry into the sleep‑medicine market. Chief Medical Officer Craig Hopkinson noted that alixorexton “may offer substantial improvements over available therapy for people living with narcolepsy type 1,” underscoring the therapeutic synergy with LUMRYZ.
Financially, the transaction is expected to generate significant synergies, including cost savings from shared manufacturing and distribution networks and revenue growth from cross‑selling opportunities. Alkermes anticipates that the combined entity will achieve higher operating margins through scale and a broader product pipeline, reinforcing its long‑term profitability outlook.
The parties will now focus on securing the remaining regulatory approvals, including the Irish High Court decision, and completing customary due‑diligence and financing arrangements. Once these conditions are satisfied, the transaction is expected to close in the coming weeks, marking the end of Avadel’s independent status and the beginning of a new chapter for Alkermes’ sleep‑medicine portfolio.
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