06:50 AM EST, 11/19/2025 (MT Newswires) -- Alkermes ( ALKS ) has increased its offer to acquire Avadel Pharmaceuticals ( AVDL ) , which is now valued at $2.37 billion, the companies said on Wednesday.

The revised offer states that Alkermes ( ALKS ) will make an upfront cash payment of $21 plus a potential $1.50 per share in a contingent value right tied to US Food and Drug Administration approval of Avadel's Lumryz for idiopathic hypersomnia in adults by the end of 2028, the companies said.

The revised offer was approved by the boards of both companies and is expected to close in Q1.

Shares of Avadel were down 0.5% in recent Wednesday premarket activity, while Alkermes ( ALKS ) shares were up 0.5%.