Avadel Pharmaceuticals plc ( AVDL ) on Friday received an unsolicited proposal from H. Lundbeck A/S for up to $23.00 per ordinary share.

AVDL is reaching significant price levels. See if it is worth your attention here

The deal consideration includes $21 per share in cash and a non-transferable contingent value right (CVR) of potential additional cash payments of $2 per share.

Avadel’s Board of Directors has determined in good faith, after consultation with its financial and legal advisors, that the Lundbeck Proposal would reasonably be expected to result in a “Company Superior Proposal” as defined in Avadel’s existing transaction agreement with Alkermes plc ( ALKS ) .

Also Read: Alkermes Eyes Global Phase 3 Trial After Encouraging Data From Sleep Disorder Study

In October, Alkermes ( ALKS ) agreed to acquire Avadel for up to $20 per share in cash, which values Avadel at approximately $2.1 billion.

The deal consideration consists of $18.50 per share, payable in cash, and an additional $1.50 per share, contingent upon final FDA approval of Lumryz for idiopathic hypersomnia in adults by the end of 2028.

Avadel's board said the unsolicited Lundbeck proposal could potentially lead to a superior offer under its agreement with Alkermes ( ALKS ). This permits the company to share information and engage in discussions with Lundbeck, but it cannot end its Alkermes ( ALKS ) deal or sign any agreement with Lundbeck.

The board has not concluded that Lundbeck's proposal is superior, nor has it withdrawn its support for the Alkermes ( ALKS ) acquisition.

AVDL Price Action: Avadel Pharmaceuticals ( AVDL ) shares were up 20.22% at $23.13 at the time of publication on Friday. The stock is trading at a new 52-week high, according to Benzinga Pro data.

Read Next:

Siemens Warns Currency Headwinds Will Hit 2026 Results; CEO Defends Mid-Term Target