Alkermes Completes Acquisition and Delisting of Avadel Pharmaceuticals

An update from Avadel Pharmaceuticals ( (AVDL) ) is now available.

On Feb. 12, 2026, Alkermes completed its court‑sanctioned acquisition of Avadel Pharmaceuticals, making Avadel a wholly owned subsidiary and halting and delisting Avadel’s shares from Nasdaq, while all existing shareholders received $21.00 in cash plus a contingent value right of up to $1.50 per share. In parallel, Avadel terminated its at‑the‑market equity program, prepaid about $60.2 million to end a royalty agreement with RTW, and cancelled or cashed out all outstanding equity awards, while Avadel’s executive team and board members stepped down as governance and reporting shifted under Alkermes.

The deal adds Avadel’s high‑growth narcolepsy drug LUMRYZ and an early‑stage oxybate candidate to Alkermes’ portfolio, advancing its strategic push into sleep medicine and central disorders of hypersomnolence. Alkermes is funding the all‑cash transaction with approximately $750 million from its balance sheet and $1.525 billion in term loans due 2031, and expects the acquisition, which reshapes its revenue mix and broadens its rare disease footprint, to be accretive in 2026 despite near‑term transaction, inventory step‑up and interest expenses.

The most recent analyst rating on (AVDL) stock is a Buy with a $25.00 price target. To see the full list of analyst forecasts on Avadel Pharmaceuticals stock, see the AVDL Stock Forecast page.

Spark’s Take on AVDL Stock

According to Spark, TipRanks’ AI Analyst, AVDL is a Neutral.

The score is driven primarily by improving operational trends (revenue growth and strong cash-flow improvement) and a stable balance sheet with minimal leverage, but held back by continued lack of profitability (negative net margin and ROE). Technicals are moderately positive, while valuation is weak due to losses and a negative P/E. Corporate events provide meaningful upside support via the approved acquisition and other favorable developments.

To see Spark’s full report on AVDL stock, click here.

More about Avadel Pharmaceuticals

Avadel Pharmaceuticals is a commercial-stage biopharmaceutical company focused on sleep medicine, notably narcolepsy, and markets LUMRYZ, an FDA‑approved once‑at‑bedtime extended‑release sodium oxybate for cataplexy and excessive daytime sleepiness in patients aged seven and older. The company operates in the U.S. rare disease and central disorders of hypersomnolence market, where LUMRYZ targets an estimated pool of more than 50,000 oxybate‑eligible narcolepsy patients and is supported by a specialized commercial infrastructure.

Alkermes plc, a global neuroscience‑focused biopharmaceutical company listed on Nasdaq, develops and commercializes medicines for conditions including alcohol and opioid dependence, schizophrenia, bipolar I disorder and narcolepsy. Headquartered in Ireland with operations in the U.S., Alkermes is expanding its late‑stage pipeline in narcolepsy, idiopathic hypersomnia and other neurological disorders and is using this acquisition to accelerate its entry into sleep medicine and rare disease markets.

Average Trading Volume: 1,891,993

Technical Sentiment Signal: Buy

Current Market Cap: $2.12B

See more data about AVDL stock on TipRanks’ Stock Analysis page.