09:12 AM EST, 11/14/2025 (MT Newswires) -- Avadel Pharmaceuticals ( AVDL ) said Friday that it received an unsolicited acquisition proposal from Lundbeck for up to $23 per share, which would reasonably be expected to result in a "Company Superior Proposal" under its existing agreement with Alkermes ( ALKS ) .

The company previously agreed to be acquired by Alkermes ( ALKS ) for up to $20 per share, comprising $18.50 in cash plus a $1.50 contingent value right tied to the Food and Drug Administration's approval of Lumryz for idiopathic hypersomnia by the end of 2028.

While the board's determination allows Avadel to share information and negotiate with Lundbeck, it cannot terminate the Alkermes ( ALKS ) agreement or enter into a new one with Lundbeck at this stage, the company said.

It added that the board has not decided that Lundbeck's bid is actually superior and has not withdrawn its support for the Alkermes ( ALKS ) deal.

Avadel said there is no assurance that discussions with Lundbeck will result in a formal superior proposal.

In a separate statement Friday, Alkermes ( ALKS ) said Avadel cannot terminate the deal to sign an agreement for a superior offer unless several conditions are met.

Alkermes ( ALKS ) said its board is considering its options together with its advisers in light of Avadel's announcement.