Alkermes acquired all issued and outstanding ordinary share capital of Avadel Pharmaceuticals for $21.00 per share in cash plus a contingent value right (CVR) of $1.50 per share. The transaction closed on February 12, 2026, following shareholder approval and High Court of Ireland sanction. Avadel became a wholly owned subsidiary of Alkermes, and its shares were delisted from the Nasdaq. The acquisition was funded through a new $1.525 billion credit facility consisting of term loan A and term loan B facilities. Avadel's royalty financing obligation with RTW Investments was terminated upon payment of approximately $60.2 million at closing. Avadel reported net product revenue of $279.1 million for 2025, driven by the commercialization of LUMRYZ.