Lundbeck submitted an unsolicited, higher cash-and‑contingent bid for Avadel Pharmaceuticals, challenging Alkermes’ previously announced $2.1 billion acquisition. Lundbeck’s proposal raises the upfront cash and layers contingent value rights tied to sales milestones for Avadel’s sleep medicine Lumryz and related assets, intensifying a competitive auction and forcing Avadel’s board to evaluate whether the new offer is superior. Wall Street analysts flagged that the higher bid forces Alkermes either to up its price or risk losing a strategic asset that complements its own narcolepsy program. The move highlights active dealmaking in niche CNS and sleep‑disorder franchises, where a single marketed product can materially reshape a mid‑cap buyer’s portfolio.