Lundbeck submitted an unsolicited higher bid for Avadel Pharmaceuticals, topping Alkermes’ earlier agreement and triggering a potential bidding contest for the Irish drugmaker’s sleep therapy assets. Lundbeck’s proposal increases the upfront cash and attaches contingent value rights tied to sales milestones. The competing offers focus on Lumryz and other sleep disorder assets; analysts warned Alkermes faces a strategic dilemma—either raise its bid or walk away. Avadel’s board has not yet declared whether Lundbeck’s approach is superior to Alkermes’ prior deal. The episode underscores aggressive industry consolidation in specialty sleep and narcolepsy therapeutics and highlights the role of CVRs in bridging valuation gaps for milestone‑dependent assets.