Alkermes plc completed the acquisition of Avadel Pharmaceuticals plc for $21.00 per share in cash plus a contingent value right (CVR). To finance the $1.525 billion transaction, Alkermes entered into new senior secured term loan facilities and terminated a prior bridge agreement.
Key takeaways
Alkermes acquired Avadel Pharmaceuticals plc for $21.00 per share in cash plus one non-transferable CVR per share, with the transaction becoming effective on February 12, 2026.
The Company borrowed $1.525 billion under new Term Loan A ($750 million) and Term Loan B ($775 million) facilities, maturing in 2031.
The previously disclosed Bridge Credit Agreement for up to approximately $1.5 billion was terminated on February 12, 2026.
Avadel shares will be delisted from Nasdaq and deregistered under the Exchange Act following the acquisition.
The acquisition is expected to be accretive in 2026, adding LUMRYZ to Alkermes' commercial portfolio.
Alkermes expects to record approximately $1.5 billion of intellectual property related to LUMRYZ, amortized over 13 years.