Avadel Pharmaceuticals became the focal point of a cross-border bidding contest after Alkermes agreed to acquire the company for up to ~$2.1 billion and Lundbeck surfaced with a rival proposal. Avadel’s board labelled Lundbeck’s proposal a superior offer, prompting Alkermes to raise its bid; Avadel then deemed the revised Alkermes offer the company’s superior proposal. The filings show the dispute turned on contingent value right (CVR) terms rather than headline cash.