Alkermes agreed to acquire Avadel Pharmaceuticals for up to $2.1 billion in cash, acquiring a marketed daytime sleepiness therapy and resolving related patent issues. The deal gives Alkermes an immediate commercial product in the sleep-disorders market and expands its therapeutic footprint. Management framed the acquisition as a fast route to commercial scale in a new specialty area and expects the transaction to close in early 2026 pending approvals.