Avadel's board said it now favors Alkermes' improved bid over Lundbeck's proposal. While both offers include the same $21-per-share upfront cash payment, Avadel said Alkermes' contingent payment terms were more likely to be met. The board called Lundbeck's milestone-based payments "unlikely to be achieved."
“The efficient-market hypothesis may be the foremost piece of B.S. ever promulgated in any area of human knowledge!”