Alkermes to acquire Avadel Pharmaceuticals for $2.1bn.

Alkermes, a global biopharmaceutical company, agreed to acquire Avadel Pharmaceuticals, a commercial-stage biopharmaceutical company, for $2.1bn. "This transaction represents a pivotal step in Alkermes' strategic evolution. With the acquisition of Avadel, we are able to accelerate our commercial entry into the sleep medicine market at a critical inflection point as we prepare to advance alixorexton into a phase 3 program in narcolepsy. Avadel's innovative portfolio, commercial capabilities and dedicated employees provide a strong foundation for growth in this therapeutic area. Enabled by our strong balance sheet, this all-cash transaction enhances our revenue growth profile and is expected to be immediately accretive, reinforcing our commitment to delivering long-term value for shareholders," Richard Pops, Alkermes Chief Executive Officer.