H.C. Wainwright downgraded Avadel Pharmaceuticals (AVDL) to Neutral from Buy with a price target of $20, down from $36, after the company entered into a definitive agreement to be acquired by Alkermes (ALKS) in an all-cash transaction for up to $20.00 per share – $18.50 per share plus a contingent value right of $1.50 per share. The price Alkermes is paying for Avadel is “attractive for the acquirer, but probably reflects long-term competitive landscape concerns with respect to the oxybate class in sleep disorders,” the analyst tells investors in a research note.
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