Avadel deems Lundbeck offer ‘superior’ to Alkermes’: Deals Report

Days after a battle for Metsera Inc. ended with Pfizer Inc. (NYSE:PFE) clinching a deal over a bid from Novo Nordisk A/S (CSE:NOVO-B; NYSE:NVO), another proposed M&A transaction is being contested.

In the latest development, on Monday, Avadel Pharmaceuticals plc (NASDAQ:AVDL) said its board had determined that an offer received late last week from H. Lundbeck A/S (CSE:HLUN B) represented a “superior” proposal to a prior bid from Alkermes plc (NASDAQ:ALKS), opening up a five-day window for Alkermes to sweeten its offer. The two companies are now vying for control of Avadel’s marketed therapy for narcolepsy, GABA B receptor agonist Lumryz sodium oxybate...