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The competitive proposal from Lundbeck creates uncertainty for Alkermes' acquisition, which may devalue ALKS. Historical instances show bidding wars in pharma can lead to volatility in stock prices.
What happened, with direct paths to the underlying reporting
Lundbeck proposed $23 per share for Avadel Pharmaceuticals. Avadel's board considers Lundbeck's offer could result in a superior proposal. Alkermes agreed to acquire Avadel for $20 per share previously. Avadel shares surged 20.22% following news, reaching a 52-week high.
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