- H.C. Wainwright updates Alkermes plc (NASDAQ:ALKS) rating to Neutral amidst its acquisition of Avadel Pharmaceuticals.
- The acquisition, valued at up to $2.1 billion, aims to enhance Alkermes’ presence in the sleep medicine market.
- Alkermes plans to finance the acquisition through cash reserves and new debt, with Avadel’s stock valued at $18.50 per share plus a contingent value right.
Alkermes plc, listed on NASDAQ under the symbol ALKS, is a biopharmaceutical company focused on developing innovative medicines for central nervous system disorders. On October 22, 2025, H.C. Wainwright updated its rating for Alkermes to Neutral, maintaining a hold action. At the time, the stock price was $31.84. This update coincided with Alkermes’ significant announcement regarding its acquisition of Avadel Pharmaceuticals.
The acquisition of Avadel Pharmaceuticals, valued at up to $2.1 billion, marks a strategic move for Alkermes. This deal will enhance Alkermes’ presence in the sleep medicine market, leveraging Avadel’s drug Lumryz, which treats excessive daytime sleepiness in narcolepsy patients. Alkermes aims to unlock the potential of its late-stage pipeline, focusing on central disorders of hypersomnolence.
To finance the acquisition, Alkermes plans to use its cash reserves and issue new debt. The deal values Avadel’s stock at $18.50 per share, with an additional contingent value right (CVR) of $1.50 per share. This CVR depends on the FDA’s approval of Lumryz for treating idiopathic hypersomnia in adults by the end of 2028. Despite the promising prospects, Alkermes’ stock experienced a decline following the announcement, while Avadel’s shares saw an increase.
During the trading day, Alkermes’ stock, priced at $31.74, experienced a change of $0.29, reflecting a 0.93% increase. The stock reached a low of $29.94 and a high of $32.02. Over the past year, the stock has seen a high of $36.45 and a low of $25.17. Alkermes has a market capitalization of approximately $5.24 billion, with a trading volume of 2,154,100 shares.
