Avadel’s board of directors is of the opinion that the fresh proposal would reasonably be expected to be considered superior to the company’s existing agreement with Alkermes.
Avadel Pharmaceuticals Plc (AVDL) said on Friday that it has received an unsolicited proposal from H. Lundbeck A/S to acquire the drugmaker for up to $23 per share.
Avadel’s board of directors is of the opinion that the fresh proposal would reasonably be expected to be considered superior to the company’s existing agreement with Alkermes.
Alkermes (ALKS) decided to acquire all outstanding ordinary shares of Avadel for up to $20 per share in October. However, the board has not yet decided that the Lundbeck Proposal is indeed superior to the existing agreement with Alkermes and continues to be in support of the agreed-upon deal.
AVDL shares jumped 17% in the premarket session at the time of writing.
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