Alkermes agreed to acquire Avadel Pharmaceuticals for up to $2.1 billion, gaining a marketed daytime sleepiness therapy and settling patent litigation tied to the asset. The deal accelerates Alkermes’ entry into the sleep disorder market and brings a revenue‑generating product into its portfolio ahead of integration. Boards of both companies approved the transaction; Alkermes expects the acquisition to close in early 2026. The purchase reflects continued industry interest in vertical expansion via tuck‑ins that add immediate cash flows to biopharma portfolios.