Hold Rating on Avadel Pharmaceuticals Amid Acquisition Offer and Market UncertaintiesWe now think the chances of a competing bid are unlikely, after Lundbeck decided not to raise its Nov 14th offer of up to $23/sh (~$2.3B), which included a $2/sh CVR that was considered by AVDL as inferior, due to a lower probability of the CVR paying out. As such, we expect the ALKS/AVDL deal to close in Q1:26. Big picture: Lumryz is an approved once-nightly oxybate that is fundamentally different from JAZZ's twice-nightly oxybates Xyrem/Xywav in narcolepsy. Lumryz was previously guided to reach $265-275M in 2025, which seems conservative, as our Q4 sales estimate of $83M ($330M+ runrate) implies $280M+ of sales for the year. For Lumryz in IH ($500M-1B+ oppty), Phase III data is due early 2026, followed by a pot'l FDA approval as early as H1:27. Per AVDL/JAZZ's recent settlement, AVDL can sell Lumryz in IH after without any interference from JAZZ.