Danish drugmaker Lundbeck filed an unsolicited offer for Avadel Pharmaceuticals that topped an earlier agreement between Avadel and Alkermes, igniting a cross‑border bidding tussle over a marketed narcolepsy asset, Lumryz, and related sleep‑disorder programs. Lundbeck’s proposal increases the upfront cash and attaches contingent value rights tied to future sales milestones. Alkermes, which had reached a deal to buy Avadel, called the new bid higher but Avadel’s board had not yet deemed the Lundbeck proposal superior. Wall Street analysts flagged that the competing offers complicate Alkermes’ strategic plan and could force a higher final price or a withdrawal. The episode highlights continued strategic M&A activity in sleep and CNS therapeutics, where marketed assets and near‑term label expansions attract aggressive bids and contingent consideration structures that shift commercial risk between buyers and sellers.