06:25 AM EST, 11/14/2025 (MT Newswires) -- Avadel Pharmaceuticals ( AVDL ) said Friday it received an unsolicited acquisition proposal from H. Lundbeck to acquire Avadel for up to $23.00 per share.

The offer is comprised of $21.00 per share in cash, a non-transferable contingent value right entitling holders to additional cash payments of $1.00 per share upon Lumryz and valiloxybate collectively reaching US total annual net sales of a $450 million in any calendar year before the end of 2027, and another $1.00 per share if the drugs reach US sales of $700 million by the end of 2030.

Avadel said it has already entered an agreement to be acquired by Alkermes for up to $20.00, and its board has not changed its recommendation to support the deal. However, it will participate in discussions with Lundbeck.

Shares of the company were up 16.9% in recent premarket activity.