07:13 AM EST, 11/17/2025 (MT Newswires) -- Avadel Pharmaceuticals ( AVDL ) said Monday that the unsolicited acquisition proposal of up to about $2.4 billion or $23 per share it received from H. Lundbeck is superior to its existing agreement with Alkermes (ALKS).

The offer is 29% above Avadel's closing price as of Oct. 21, the company said.

H. Lundbeck's proposal includes $21.00 per share in cash at closing and two non-transferable contingent value rights of $1 per share once the drug Lumryz and valiloxybate reach certain US sales milestones.

The proposal is subject to closing conditions, including shareholder and regulatory approvals, the company said.

Avadel said it has notified Alkermes of its determination, which triggers a five business day period during which Avadel and Alkermes can negotiate for a possible counter-offer.