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AI brief of an SEC Form 8-K · Alkermes (ALKS)

Alkermes completes Avadel acquisition for $21.00 cash per share plus CVRs

Mixed Impact 5 of 5 m&a Written later

Alkermes completed its acquisition of Avadel Pharmaceuticals on February 12, 2026, paying $21.00 in cash per Avadel share plus one contingent value right per share worth a potential additional $1.50. The deal was funded with $1.525 billion of new term loans due 2031 and about $750 million of Alkermes cash, and the company says it expects the transaction to be accretive in 2026. Shareholders face higher debt and first-quarter 2026 transaction costs of $40 million, with the full 2026 outlook due February 25, 2026.

Key points

  • Avadel shareholders receive $21.00 cash per share plus one non-transferable CVR per share, with each CVR tied to a potential $1.50 payment on a milestone
  • Alkermes borrowed the full $1.525 billion under a credit agreement: a $750 million TLA facility maturing February 12, 2031 and a $775 million TLB facility maturing August 12, 2031
  • Alkermes expects $40 million of transaction-related costs in Q1 2026 and about $180 million of LUMRYZ inventory step-up expensed as cost of goods sold in 2026
  • The approximately $1.5 billion bridge loan entered November 18, 2025 was terminated, and Avadel shares were halted and will be delisted from Nasdaq

The filing

CompanyAlkermes (ALKS)
Form8-K, current report
Filed with the SECFeb 12, 2026, 7:37 AM ET
Accession number0001193125-26-047682

Items reported: 1.01 Material Definitive Agreement1.02 Termination of Material Agreement2.01 Acquisition or Disposition Completed2.03 New Direct Financial Obligation7.01 Regulation FD Disclosure

Read the filing on SEC.gov ↗

Written by AI on Nov 8, 2026, 12:57 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on February 12, 2026.

Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.