Alkermes establishes commercial presence in narcolepsy via $2.1B Avadel takeout

Alkermes is behind Takeda in the race to the market with an OXR2 agonist for narcolepsy, but the acquisition of Avadel should help the biotech build its commercial infrastructure for sleep disorders in advance of a launch and possibly position it for a speedier path to commercial success.

On Wednesday, Alkermes plc (NASDAQ:ALKS) announced the $2.1 billion acquisition of Avadel Pharmaceuticals plc (NASDAQ:AVDL) and its approved sodium oxybate therapy Lumryz for cataplexy and excessive daytime sleepiness associated with narcolepsy. The price includes an $18.50 per share purchase price, representing a 4% premium over Tuesday’s close of $17.87, plus a $1.50 CVR if Lumryz gains a label expansion to include idiopathic hypersomnia by 2028...