Lundbeck withdrew from a bidding contest for Avadel Pharmaceuticals, locking in Alkermes’ path to acquire the sleep‑disorder drug developer under a roughly $2.37 billion bid that includes contingent value tied to FDA approval of Lumryz. Lundbeck said raising its offer no longer met its strategic or financial criteria. The decision ends a short but high‑profile auction in the sleep‑disorder space and leaves Alkermes positioned to expand its CNS portfolio. Company statements framed Lundbeck’s exit as a disciplined strategic move; Avadel shareholders and analysts will now focus on regulatory milestones tied to the CVR structure.