ALKS News & Events

Avadel Pharmaceuticals (AVDL) announced that the Irish High Court has sanctioned, without modification, the scheme of arrangement between Avadel and its shareholders under Chapter 1 of Part 9 of the Irish Companies Act 2014 pursuant to which Alkermes (ALKS) will acquire the entire issued and to be issued ordinary share capital of Avadel. Completion of the proposed transaction remains subject to the delivery to the Registrar of Companies of a copy of the Court Order sanctioning the Scheme. Assuming that a copy of the Court Order is processed and made available to Avadel by no later than February 11, the Court Order is expected to be delivered to the Registrar of Companies on February 12 and, accordingly, the Scheme is expected to take effect on February 12. Accordingly, February 11 is expected to be the last date on which trading of Avadel Shares on Nasdaq will occur. It is expected that Avadel will request Nasdaq halt trading of the Avadel Shares effective as of 8.00 p.m. on February 11.

Avadel Pharmaceuticals (AVDL) announced that, in relation to the previously announced offer for the company by Alkermes (ALKS), pursuant to which Alkermes will acquire the entire issued and to be issued ordinary share capital of the company, the resolutions required to approve the scheme of arrangement under Chapter 1 of Part 9 of the Irish Companies Act 2014 were passed by the requisite majorities at the scheme meeting of shareholders and the related extraordinary general meeting of shareholders held earlier.

Alkermes announced that the FDA has granted Breakthrough Therapy designation to alixorexton for the treatment of narcolepsy type 1, based on phase 1 and phase 2 clinical data, including results from Vibrance-1, a phase 2 study evaluating alixorexton in patients with NT1.

The stock is up 77c to $28.77 in premarket trading.