Avadel Pharmaceuticals
Corporate brand
UnclaimedA specialty pharmaceutical company focused on medicines for sleep and central nervous system disorders.
Last updated August 31, 2026
Overview
Avadel Pharmaceuticals plc was a specialty pharmaceutical company whose principal focus was the development and commercialization of medicines for sleep and central nervous system disorders. Although the company ultimately operated from Dublin, Ireland, its corporate history began in Lyon, France, where it was founded in 1990 as Flamel Technologies. The business later expanded through acquisitions and corporate restructuring, building capabilities in pediatric therapeutics, laboratory products, and specialty medicines before concentrating more strongly on sleep-related treatments. A major transformation occurred in 2016, when Flamel Technologies acquired FSC Holdings and its pediatric, therapeutics, and laboratory subsidiaries. In January 2017, Flamel, Éclat, and FCS Pediatrics were combined through a cross-border merger from France to Ireland and adopted the Avadel Pharmaceuticals name. The reorganization created an Irish specialty pharmaceutical company with activities linked to France and the United States, including operations in Lyon and St. Louis. Avadel’s most important commercial asset was LUMRYZ, a once-nightly prolonged-release oral suspension of sodium oxybate developed for the treatment of narcolepsy. The product was approved by the United States Food and Drug Administration in 2023 and became the company’s central marketed medicine. Its extended-release formulation was intended to address the practical burden associated with existing sodium oxybate treatment regimens, particularly the need for multiple nighttime doses. The company’s portfolio and pipeline were therefore centered on differentiated formulations and therapies for sleep disorders rather than on a broad range of primary-care medicines. The company experienced significant leadership and financial changes during its development. Mike Anderson resigned as chief executive in 2019, and chief operating officer Gregory Divis temporarily assumed the chief executive role after Craig Stapleton also resigned as chairman. That same year, Avadel filed for Chapter 11 bankruptcy protection. The company subsequently continued operating and pursued the development of LUMRYZ, while also advancing additional sleep-disorder research, including the experimental therapy valiloxybate. In 2025, Avadel became the subject of competing acquisition proposals from Alkermes plc of Ireland and Lundbeck of Denmark. Alkermes initially proposed consideration consisting of cash per share and a contingent payment tied to a possible expanded approval of LUMRYZ. Lundbeck submitted a competing proposal with a similar cash component and additional potential payments connected to future sales of LUMRYZ and valiloxybate. Alkermes later improved its offer, and Avadel’s board accepted a revised transaction valued at up to approximately $2.37 billion, subject to the stated transaction terms and contingent consideration. Alkermes completed the acquisition in February 2026. Following completion, Avadel ceased to operate as an independent listed company and was delisted. Its corporate identity therefore represents the pre-acquisition specialty pharmaceutical business, while LUMRYZ and related development programs became part of Alkermes’ portfolio.
History
Avadel Pharmaceuticals originated in Lyon, France, in 1990 under the name Flamel Technologies. The original business developed pharmaceutical technologies and later broadened its activities into pediatric therapeutics, laboratory products, and related specialty healthcare areas. Its later identity was shaped by acquisitions and cross-border corporate restructuring rather than by the launch of a single consumer-facing brand. In 2016, Flamel acquired FSC Holdings and its pediatric, therapeutics, and laboratory subsidiaries. The transaction expanded the company’s operating base and added businesses that supported its move toward a more diversified specialty pharmaceutical model. In January 2017, Flamel, Éclat, and FCS Pediatrics were brought together through a cross-border merger from France to Ireland. The resulting company adopted the Avadel Pharmaceuticals name and established its headquarters in Dublin, while retaining operational links to Lyon and adding a significant presence in St. Louis, Missouri. Avadel subsequently focused increasingly on medicines for sleep disorders and the central nervous system. Its most significant product was LUMRYZ, a prolonged-release formulation of sodium oxybate. The medicine was designed for narcolepsy and became the company’s principal commercial and strategic asset after receiving FDA approval in 2023. The product’s extended-release design differentiated it from conventional sodium oxybate dosing approaches by targeting a once-nightly administration model. The business also faced corporate and financial difficulties. In 2019, Mike Anderson resigned as chief executive, while Craig Stapleton resigned as chairman. Gregory Divis, previously the chief operating officer, temporarily assumed the chief executive function. During the same year, Avadel filed for Chapter 11 bankruptcy protection. Despite this setback, the company continued its development and commercialization activities in the sleep-medicine field. The company’s pipeline included valiloxybate, an experimental therapy connected to its sleep-disorder strategy. In 2025, Avadel became the focus of a competitive acquisition process. Alkermes and Lundbeck each sought to acquire the company, with proposed consideration structured around immediate cash payments and additional contingent value linked to LUMRYZ and, in Lundbeck’s proposal, valiloxybate-related sales milestones. Alkermes ultimately increased its proposal, and Avadel’s board accepted a revised offer valued at up to approximately $2.37 billion under the announced terms. The acquisition was completed by Alkermes on February 12, 2026. Avadel was then delisted, ending its existence as an independent public pharmaceutical company. Its principal medicine and development programs became part of Alkermes, while the Avadel corporate brand ceased independent operations.
- 2026
Acquisition by Alkermes completed
[1]Alkermes completed the acquisition of Avadel in February, after which Avadel was delisted.
- 2025
Competing acquisition bids
[1]Alkermes and Lundbeck competed to acquire Avadel, with proposals containing cash payments and contingent value linked to future product performance.
- 2023
LUMRYZ receives FDA approval
[1]The FDA approved LUMRYZ, a prolonged-release oral suspension of sodium oxybate for narcolepsy.
- 2019
Leadership changes and Chapter 11 filing
[1]Mike Anderson resigned as CEO, Craig Stapleton resigned as chairman, Gregory Divis temporarily assumed the CEO role, and the company filed for Chapter 11 bankruptcy.
- 2017
Corporate reorganization creates Avadel Pharmaceuticals
[1]A cross-border merger involving Flamel, Éclat, and FCS Pediatrics moved the corporate structure from France to Ireland and created the Avadel Pharmaceuticals identity.
- 2016
Acquisition of FSC Holdings
[1]Flamel Technologies acquired FSC Holdings and its pediatric, therapeutics, and laboratory subsidiaries.
- 1990
Flamel Technologies founded in Lyon
[1]The company that later became Avadel Pharmaceuticals was established in Lyon, France, as Flamel Technologies.
Products and positioning
A specialty pharmaceutical company focused on differentiated treatments for sleep disorders and other central nervous system conditions, with particular emphasis on extended-release drug formulations.
Sleep-disorder prescription medicine · 2023
LUMRYZ
LUMRYZ is a prolonged-release oral suspension of sodium oxybate developed for the treatment of narcolepsy. It was Avadel’s principal commercial product and the central asset in the company’s later strategy. The extended-release formulation was intended to provide a once-nightly dosing option, differentiating it from traditional sodium oxybate regimens that may require repeated nighttime administration. LUMRYZ received approval from the United States FDA in 2023.
Investigational sleep-disorder therapy
Valiloxybate
Valiloxybate was an experimental therapy in Avadel’s sleep-medicine development pipeline. It was cited during the 2025 acquisition contest as a program that could contribute to future product sales and milestone value. The available reference material does not establish a commercial launch or regulatory approval for the therapy.
Brand decisions
2025
Accept Alkermes acquisition proposalM&ABackground
Avadel received competing acquisition proposals from Alkermes and Lundbeck, both of which sought to capture value from LUMRYZ and the company’s development pipeline.
Action taken
After Alkermes revised its offer, Avadel’s board accepted a transaction valued at up to approximately $2.37 billion under the announced cash and contingent-consideration terms.
Aftermath
The transaction was expected to close in early 2026 and was completed in February 2026, ending Avadel’s independent public-company status.
Maximum announced transaction value. $2.37 billion (2025 announced acquisition terms)
- Lundbeck — Lundbeck submitted a competing acquisition proposal with cash consideration and potential payments tied to LUMRYZ and valiloxybate sales milestones.
2023
Commercialize LUMRYZ after FDA approvalProduct launchBackground
Avadel sought to establish a differentiated treatment in the narcolepsy market through a prolonged-release sodium oxybate formulation.
Action taken
The company obtained FDA approval for LUMRYZ and began positioning it as its principal marketed sleep medicine.
Aftermath
LUMRYZ became the main commercial and strategic asset referenced in the company’s subsequent acquisition discussions.
2017
Move corporate structure from France to IrelandStrategyBackground
Following the combination of Flamel, Éclat, and FCS Pediatrics, the company reorganized through a cross-border merger.
Action taken
The merged company adopted the Avadel Pharmaceuticals name and was established as an Irish company.
Aftermath
Avadel operated with headquarters in Dublin while retaining operations in Lyon and St. Louis.
Recent events
- 2026
Alkermes completes acquisition of Avadel[1]
M&A
Alkermes completed its acquisition of Avadel in February 2026, after which Avadel was delisted and ceased to be an independent listed company.
- 2025
Alkermes launches acquisition bid for Avadel[1]
M&A
Alkermes proposed acquiring Avadel in a transaction combining cash consideration with a contingent payment linked to potential future LUMRYZ approval.
- 2025
Lundbeck submits competing acquisition proposal[1]
M&A
Lundbeck made a competing offer that included cash consideration and potential future payments tied to LUMRYZ and valiloxybate sales milestones.
- 2025
Alkermes improves offer and Avadel board accepts transaction[1]
M&A
Alkermes revised its proposal to increase the cash consideration, and Avadel’s board accepted the revised acquisition agreement.
- 2023
FDA approves LUMRYZ for narcolepsy[1]
Product launch · Regulation
The company received United States FDA approval for LUMRYZ, a prolonged-release oral suspension of sodium oxybate for narcolepsy.
- 2019
Avadel files for Chapter 11 bankruptcy[1]
Bankruptcy
Avadel entered Chapter 11 bankruptcy proceedings during a period that also included changes in senior leadership.
Sources1 sources
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