Avadel (AVDL) Drops 6.7% on Lack of Leads

We recently published 10 Stocks Losing Their Bite Before Thanksgiving. Avadel Pharmaceuticals plc (NASDAQ:AVDL) is one of the worst-performing stocks on Wednesday.

Avadel declined by 6.67 percent on Wednesday to end at $21.40 apiece as investors sold off positions amid the lack of fresh catalysts to boost buying.

In recent developments, Avadel Pharmaceuticals plc (NASDAQ:AVDL) reached an updated agreement with Alkermes PLC for their proposed merger, after the latter raised its acquisition offer that would value the company worth $2.37 billion.

Under the updated offer, Alkermes would acquire shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL) at a price of $22.50 apiece, consisting of $21 in cash and one non-transferrable contingent value right of $1.50 per share upon the Food and Drug Administration’s (FDA) approval of Lumryz.

The offer was markedly higher than its $20 initial offer submitted last October.

Alkermes’ revision followed H. Lundbeck A/S own bid to acquire Avadel Pharmaceuticals plc (NASDAQ:AVDL) for $23, comprising of $21 in cash and $2 non-transferrable contingent value rights (CVR) upon the achievement of two annual sales milestones for Lumryz and valiloxybate. Lundbeck’s proposal remained higher by 50 cents each.

Avadel and Alkermes’ initial agreement allowed for the former to talk and share information with another prospective buyer, but it cannot break the agreement it signed with the latter.

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Disclosure: None. This article is originally published at Insider Monkey.