Irish pharmaceutical company Alkermes has completed its acquisition of Avadel Pharmaceuticals, a commercial-stage biopharmaceutical company, in a $2.3bn (€1.93bn) cash-and-debt transaction, according to ALCHEMPro.

The deal adds Avadel's FDA-approved product LUMRYZ to Alkermes' commercial portfolio and provides access to a commercial organisation experienced in sleep disorder treatment.

The transaction was completed pursuant to an Irish High Court sanctioned scheme of arrangement under Chapter 1 of Part 9 of the Companies Act 2014 of Ireland. LUMRYZ (sodium oxybate) for extended-release oral suspension is approved for treating cataplexy or excessive daytime sleepiness in patients seven years of age and older with narcolepsy.

Richard Pops, Chief Executive Officer of Alkermes, said: "With the close of this acquisition, Alkermes achieved an important milestone in the continued advancement of our strategy, accelerating our entry into the commercial sleep medicine market at a pivotal moment as we work to initiate the planned phase 3 programme for alixorexton in narcolepsy this quarter."

The transaction is expected to be accretive in 2026 and represents a strategic opportunity leveraging Alkermes' existing commercial expertise whilst adding new capabilities in rare disease. Since launching LUMRYZ in 2023, Avadel has built a commercial organisation serving an estimated population exceeding 50,000 oxybate-eligible narcolepsy patients in the United States.

To finance the acquisition, Alkermes used approximately $775m (€651m) of cash from its balance sheet and borrowed $1.525bn (€1.28bn) in term loans due in 2031. The acquisition also includes valiloxybate, Avadel's salt-free, once-at-bedtime oxybate candidate in phase 1 clinical development.

The acquisition was approved by Avadel shareholders on 12 January 2026. The Irish High Court sanctioned the scheme on 10 February 2026, with completion occurring on 12 February 2026.

Explore how the acquisition is positioning Alkermes in the sleep medicine market in the complete article.