Avadel Pharmaceuticals became the center of an active bidding contest after Lundbeck emerged with a counteroffer to Alkermes’ proposed acquisition. Avadel’s board declared Lundbeck’s proposal a “company superior proposal,” triggering a response window that prompted Alkermes to raise its bid. The company disclosed the developments in regulatory filings that detailed the cash and contingent value right (CVR) terms under consideration. The filings show Avadel’s board weighed not just headline cash but CVR structure and achievability when judging proposals. Lundbeck’s higher headline value prompted market moves, but Avadel favored Alkermes’ revised CVR terms as more likely to materialize. The bidding sequence has pushed Avadel shares sharply higher and drawn attention to how deal structures — not just price — can sway board determinations.