Needham downgraded Avadel Pharmaceuticals (AVDL) to Hold from Buy without a price target after the company entered into an agreement to be acquired by Alkermes (ALKS) for total transaction consideration of up to $20.00 per share in cash, or $2.1B Alkermes will acquire all outstanding shares of Avadel for $18.50 per share and will provide Avadel shareholders with a non-transferable contingent value right entitling holders to a potential additional cash payment of $1.50 per share, contingent upon final FDA approval of Lumryz for the treatment of idiopathic hypersomnia in adults by the end of 2028.
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