Overview
- Lundbeck’s unsolicited bid values Avadel at $23 per share, with $21 in cash and up to $2 tied to contingent value rights.
- Avadel had previously agreed to Alkermes’ offer worth up to $20 per share, including $18.50 in cash and up to $1.50 in CVRs.
- Avadel shares surged more than 20% to 23.16 after the new proposal while Alkermes fell over 6% to 29 in early trading.
- Analysts say a bidding contest is possible and note Alkermes could raise its offer, though Lundbeck’s sales‑based CVR targets are seen as aggressive.
- The CVRs would pay out if Lumryz and valiloxybate reach at least $450 million in U.S. sales by 2027 and $700 million by 2030, benchmarks some forecasts currently trail.