10 Market Movers That Made Millionaires in a Week

4. Avadel Pharmaceuticals plc (NASDAQ:AVDL)

Avadel jumped by 26.06 percent week-on-week as investors loaded up portfolios after receiving a new takeover interest from a new pharmaceutical giant.

Last Friday, Avadel Pharmaceuticals plc (NASDAQ:AVDL) soared to as much as $23.57—its highest price in more than a decade—before ending the day just up by 22.45 percent at $23.56 apiece, following announcements that it received a new acquisition interest from H Lundbeck A/S to buy its shares at a price of $23 apiece.

The total price was significantly higher than Alkermes’ bid of $20 apiece.

Under Lundbeck’s offer, it would acquire the shares for $21 in cash and non-transferrable contingent value rights (CVR) amounting to $2 upon the achievement of two annual sales milestones for Lumryz and valiloxybate.

Meanwhile, Alkermes sought to buy the shares for $18.50 per share, and a CVR of $1.50 contingent upon final approval of the Food and Drug Administration of Lumryz.

Despite a definitive agreement already signed between Avadel Pharmaceuticals plc (NASDAQ:AVDL) and Alkermes, the former said that its board of directors deemed Lundbeck’s proposal to be superior.

Avadel cannot break its agreement with Alkermes, but it is allowed to talk and share information with another prospective buyer.