Alkermes Completes Acquisition to Avadel

Pharma Update Alkermes Completes Acquisition to Avadel

2026-02-19 Source: Press release Alkermes 2 min Reading Time

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Alkermes has acquired Avadel Pharmaceuticals, a commercial-stage biopharmaceutical company. With this deal, the company also adds Avadel’s FDA-approved product, Lumryz, to its portfolio.

The acquisition adds Avadel’s FDA-approved product, Lumryz, to Alkermes’ commercial portfolio, and provides Alkermes with a commercial organization experienced in this disease state. (Source: Pixabay) — The acquisition adds Avadel’s FDA-approved product, Lumryz, to Alkermes’ commercial portfolio, and provides Alkermes with a commercial organization experienced in this disease state.
(Source: Pixabay)

Dublin/Ireland – Alkermes and Avadel Pharmaceuticals have recently announced Alkermes’ completion of its acquisition of Avadel, a commercial-stage biopharmaceutical company. The acquisition adds Avadel’s FDA-approved product, Lumryz, to Alkermes’ commercial portfolio, and provides Alkermes with a commercial organization experienced in this disease state.

This strategic move accelerates Alkermes’ entry into the sleep medicine market and enhances its ability to unlock the full potential of its late-stage development pipeline focused on central disorders of hypersomnolence.

The transaction was completed pursuant to an Irish High Court sanctioned scheme of arrangement (the “Scheme”) under Chapter 1 of Part 9 of the Companies Act 2014 of Ireland. Lumryz (sodium oxybate) for extended-release oral suspension is approved for the treatment of cataplexy or excessive daytime sleepiness in patients seven years of age and older with narcolepsy.

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“With the close of this acquisition, Alkermes achieved an important milestone in the continued advancement of our strategy, accelerating our entry into the commercial sleep medicine market at a pivotal moment as we work to initiate the planned phase 3 program for alixorexton in narcolepsy this quarter. Avadel’s commercial and R&D portfolio, established commercial infrastructure, and talented team strengthen our organization and expand our capabilities in this important therapeutic area. Supported by our strong balance sheet, this all‑cash acquisition is expected to enhance our revenue growth profile and underscores our ongoing commitment to creating long‑term value for shareholders,” said Richard Pops, Chief Executive Officer of Alkermes.

The transaction is expected to be accretive in 2026 and represents a compelling financial and strategic opportunity, leveraging Alkermes’ existing commercial expertise and operational infrastructure and adding new capabilities in rare disease. Avadel is a recognized innovator in the sleep medicine space, committed to addressing significant unmet needs for patients.

The acquisition also includes valiloxybate, Avadel's in-licensed salt-free, once-at-bedtime oxybate candidate in phase 1 clinical development. To finance the acquisition, Alkermes will use approximately 775 million dollars of cash from its balance sheet and borrowed a total of 1.525 billion dollars in term loans that are due in 2031. The company expects to pay down the debt quickly with cash flows from the business.

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