Biotech Values

[DewDiligence]

ALKS acquires AVDL for $18.50/sh cash +CVR—a 14% premium to the closing price on 10/20/25 (excluding the CVR):

https://www.prnewswire.com/news-releases/alkermes-plc-announces-agreement-to-acquire-avadel-pharmaceuticals-plc-302591394.html

…Alkermes will provide Avadel shareholders with a non-transferable contingent value right (CVR) entitling holders to a potential additional cash payment of $1.50 per share, contingent upon final FDA approval of LUMRYZ for the treatment of idiopathic hypersomnia in adults by the end of 2028.

The nominal deal value excluding the CVR is $1.9B.

AVDL also announced a legal settlement with JAZZ regarding all claims (https://www.globenewswire.com/news-release/2025/10/22/3170904/0/en/Avadel-Pharmaceuticals-and-Jazz-Pharmaceuticals-Reach-Global-Settlement.html ).