Avadel Pharmaceuticals is the focus of an active bidding contest after agreeing to an acquisition by Alkermes; Copenhagen-based Lundbeck countered with a higher proposal. Avadel’s board declared Lundbeck’s proposal a superior offer, prompting Alkermes to raise its bid and reassert superiority — a move that created investor volatility and a multi‑party auction dynamic. The filings detail competing cash and contingent-value rights (CVR) structures that shaped board preference. The tussle underscores heightened M&A activity in neuropsychiatric and sleep-disorder therapeutics.