Avadel Pharmaceuticals plc (NASDAQ:AVDL) saw a 26.06% increase in stock value last week due to a takeover interest from H Lundbeck A/S. Lundbeck offered to purchase shares at $23 each, higher than Alkermes’ bid of $20. The offer includes cash and contingent value rights tied to sales milestones for specific drugs.

Despite a prior agreement with Alkermes, Avadel is considering Lundbeck’s offer as superior. The company cannot break its agreement with Alkermes but is permitted to engage with other potential buyers. Avadel’s stock surged to $23.57, its highest price in over a decade, before closing at $23.56 following Lundbeck’s proposal.

Alkermes proposed to buy Avadel shares at $18.50 each, with an additional contingent value right of $1.50 pending FDA approval of a specific drug. Avadel’s board of directors has deemed Lundbeck’s offer to be better than Alkermes’, despite already having a definitive agreement with the latter.

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Read more at Yahoo Finance: Avadel (AVDL) Gets 26% Boost on Takeover Bid