No, the hyphen should be there as "much-anticipated" is a two word phrase followed by a noun. The two words express a single idea about that noun, therefore the rule is to hyphenate.
Rule 5 When adverbs not ending in -ly are used as compound words in front of a noun, hyphenate. When the combination of words is used after the noun, do not hyphenate.
Examples: The well-known actress accepted her award. Well is an adverb followed by another descriptive word. They combine to form one idea in front of the noun.
The actress who accepted her award was well known. Well known follows the noun it describes, so no hyphen is used.
A long-anticipated decision was finally made. He got a much-needed haircut yesterday. His haircut was much needed.