M&A · Healthcare · Pharmaceutical Preparations
Alkermes plc. to acquire Avadel Pharmaceuticals PLC
Announced Oct 22, 2025 · Closed Feb 12, 2026
Deal value$1.80B
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$18.50 per share
Transaction
- Acquirer
- Alkermes plc. (ALKS)
- Target
- Avadel Pharmaceuticals PLC (AVDL)
- Buyer type
- Strategic
- Offer price per share
- $18.50
- Enterprise value
- —
- Status
- Closed Feb 12, 2026
Deal protections
Not yet read from the merger agreement.
Advisors
- To the acquirer
- JPMorgan
- To the target
- Morgan Stanley, Goldman Sachs
- Morgan Stanley fee
- $27.0M
- Goldman Sachs fee
- $27.0M
Sector context · Healthcare
- Comparable deals
- 94 in the prior 24 months
- Premium
- Sector median 60.0%
- EV / Adj. EBITDA
- Sector median 14.5x
- Break fee
- Sector median 3.3%
Timeline
- AnnouncedOct 22, 2025
- Proxy filedNov 13, 2025
- Definitive proxyDec 3, 2025
- Shareholder voteJan 12, 2026
- ClosedFeb 12, 2026
Valuation · fairness opinions
Sum of the partsMorgan Stanley$16.05$17.20
Analyst price targetsMorgan Stanley$16.00$36.00
Premiums paidMorgan Stanley$20.10$28.35
52-week trading rangeMorgan Stanley$17.65$23.05
Discounted cash flowGoldman Sachs$15.06$17.43
Premiums paidGoldman Sachs$18.44$32.30
52-week trading rangeGoldman Sachs$9.54$33.47
Offer $18.50
Implied value per Avadel Pharmaceuticals PLC share by analysis, from Morgan Stanley and Goldman Sachs · DCF discount rate 9.7%–10.7%.