UBS downgraded Avadel Pharmaceuticals (AVDL) to Neutral from Buy with an unchanged price target of $20 after Alkermes (ALKS) announced an agreement to acquire Avadel for $18.50/share plus a contingent value right entitling shareholders to a $1.50 per share potential payment contingent on the FDA approval of Lumryz in idiopathic hypersomnia.
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