What Avadel Pharmaceuticals does

Avadel Pharmaceuticals was a commercial-stage biopharmaceutical company incorporated in Ireland (Dublin headquarters) with U.S. operations based in Chesterbrook, Pennsylvania, focused on developing and commercializing treatments for sleep disorders and central nervous system conditions. Its core asset was LUMRYZ (sodium oxybate), an FDA-approved extended-release oral suspension and the first and only once-at-bedtime oxybate therapy indicated for cataplexy or excessive daytime sleepiness in patients seven years of age and older with narcolepsy, with adult approval in May 2023 and pediatric expansion in October 2024. The underlying technology is a proprietary extended-release sodium oxybate formulation that replaces the twice-nightly dosing of legacy oxybate products (Jazz's Xyrem and Xywav) with a single bedtime dose, an attribute that drove 48% year-over-year patient growth and 55% year-over-year revenue growth to $77.5 million in Q3 2025.

The pipeline was anchored by valiloxybate, an in-licensed salt-free, sweetener-free once-at-bedtime oxybate candidate in Phase 1 development acquired from XWPharma in September 2025 for $20 million upfront plus up to $185 million in milestones. Avadel generated revenue almost entirely from LUMRYZ product sales distributed exclusively through the certified LUMRYZ REMS specialty pharmacy network, targeting sleep specialists and neurologists across a U.S. addressable population of more than 50,000 oxybate-eligible narcolepsy patients; pricing was not publicly disclosed. After a competitive bidding process triggered by Lundbeck's November 2025 unsolicited offer, Avadel was acquired by Alkermes plc for up to $2.37 billion (including contingent value rights tied to FDA milestones) through an Irish High Court-sanctioned scheme of arrangement that closed on February 12, 2026, financed with $775 million of cash and $1.525 billion in term loans due 2031. Post-acquisition, Avadel operates as a wholly-owned subsidiary of Alkermes and is no longer a standalone reporting entity.

Name

Avadel Pharmaceuticals

Legal name

Avadel Pharmaceuticals plc

Website

https://avadel.com

Company type

Public

Founded year

1990

Operating status

Acquired

Headcount range

101–250 employees

Short description

Avadel Pharmaceuticals was a commercial-stage biopharmaceutical company that developed and marketed LUMRYZ, an FDA-approved once-at-bedtime extended-release sodium oxybate for narcolepsy patients aged 7 and older. Acquired by Alkermes plc in February 2026 for up to $2.37 billion.

Ownership category

akta.pro rank

Headquarters

HQ city

Dublin

HQ country

Ireland

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Marketing or Sales, Technology or R&D, Personnel

Revenue model

1. LUMRYZ Product Sales: Revenue from sales of FDA-approved LUMRYZ (sodium oxybate) for narcolepsy. Net product revenue of $77.5 million in Q3 2025, representing 55% year-over-year growth. Approximately 3,400-3,600 patients on therapy.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Core offering

Avadel Pharmaceuticals develops and commercializes LUMRYZ (sodium oxybate), an FDA-approved extended-release oral suspension for the treatment of cataplexy or excessive daytime sleepiness in patients seven years of age and older with narcolepsy. LUMRYZ is the first and only once-at-bedtime sodium oxybate therapy, distributed through a restricted REMS program. The pipeline includes valiloxybate, an in-licensed once-at-bedtime, salt-free oxybate candidate for narcolepsy and idiopathic hypersomnia.

Product overview

Avadel Pharmaceuticals was a commercial-stage biopharmaceutical company focused on developing and commercializing treatments for sleep disorders and central nervous system conditions. The company's commercial portfolio centered on LUMRYZ (sodium oxybate), an FDA-approved extended-release oxybate therapy for narcolepsy. The pipeline included valiloxybate, an in-licensed Phase 1 oxybate candidate. Avadel was acquired by Alkermes plc in February 2026 for approximately $2.1 billion, adding LUMRYZ and Avadel's commercial infrastructure to Alkermes' portfolio.

Differentiator

Problem solved

Functional benefit

Brands

• LUMRYZ: FDA-approved extended-release sodium oxybate medication for cataplexy or excessive daytime sleepiness in narcolepsy patients (adults and pediatric 7+ years). First and only once-at-bedtime oxybate treatment.

Products and services

• LUMRYZ (sodium oxybate) for extended-release oral suspension LUMRYZ is an extended-release oral suspension formulation of sodium oxybate, FDA-approved as the first and only once-at-bedtime treatment for cataplexy or excessive daytime sleepiness (EDS) in patients seven years of age and older with narcolepsy. It is being evaluated for idiopathic hypersomnia indication through the Phase 3 REVITALYZ trial. Distributed only through the restricted LUMRYZ REMS program via certified specialty pharmacies to enrolled prescribers.
• Valiloxybate (XNW01) Valiloxybate is a once-at-bedtime, salt-free and artificial sweetener-free oxybate therapy candidate in Phase 1 clinical development for the treatment of narcolepsy and idiopathic hypersomnia. In-licensed from XWPharma under an exclusive global license agreement.

Named customers1 record

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Two partnerships are on record, tiered core.

• Jazz PharmaceuticalscoreStrategic or Co-development Partner · 22 October 2025Global settlement resolving all litigation related to oxybate products. Jazz paid $90 million to Avadel and the companies entered mutual licensing agreements concerning patents and future product sales. This agreement provided Avadel with IP clarity and strategic certainty for the LUMRYZ product.
• XWPharmacoreStrategic or Co-development Partner · 3 September 2025Exclusive global license agreement to develop and commercialize valiloxybate (XNW01), a once-at-bedtime, salt-free and artificial sweetener-free oxybate therapy for narcolepsy and idiopathic hypersomnia. XWPharma received $20 million upfront with potential development milestones up to $30 million, performance-based sales milestones up to $155 million for net sales up to $750 million, and tiered royalties.

Scale indicators5 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Jazz Pharmaceuticals: Jazz Pharmaceuticals markets Xyrem and Xywav, the established twice-nightly oxybate therapies for narcolepsy, and was Avadel's principal competitor and litigation counterparty. Jazz's franchise occupies the same oxybate mechanism, prescriber base (sleep specialists/neurologists), and patient pool that LUMRYZ targets, making it the most directly comparable peer.
• Harmony Biosciences: Harmony Biosciences commercializes Wakix (pitolisant), a non-oxybate treatment for excessive daytime sleepiness in narcolepsy, competing for the same specialist prescriber audience and patient population. Its focused CNS/sleep commercial organization and single-product narcolepsy franchise make it a closely analogous specialty biopharma peer.

Broad incumbents

• Takeda Pharmaceutical: Takeda markets oveporexton (TAK-861), an orexin receptor agonist in late-stage development for narcolepsy, and has a broader CNS/neuroscience portfolio. It represents a large incumbent with emerging competitive overlap in narcolepsy, though its franchise extends well beyond sleep disorders.
• Alkermes plc: Alkermes acquired Avadel in February 2026 and is advancing alixorexton, an orexin receptor agonist in Phase 3 for narcolepsy. As the new parent and a CNS-focused biopharma with overlapping sleep medicine ambitions, Alkermes is both the strategic acquirer and a future in-house competitor/partner in the narcolepsy space.
• Sumitomo Pharma America: Sumitomo Pharma (formerly Sunovion/Sumitomo Dainippon) developed pitolisant-related sleep assets and maintains a broader CNS portfolio. It overlaps with Avadel in narcolepsy and adjacent sleep disorder therapeutics, though its franchise spans multiple therapeutic areas.
• Eisai Co. Eisai is a major CNS biopharma with sleep-disorder and neurology franchises, including orexin pathway interest and historical narcolepsy/insomnia products. As a large incumbent with strategic overlap in sleep medicine, it provides a relevant adjacent comparable for category dynamics.
• Lundbeck:

Emerging players

• Axsome Therapeutics: Axsome Therapeutics is a CNS-focused biopharma developing therapies for narcolepsy and other neurological conditions, with a specialty commercial model targeting the same sleep specialist prescriber base. Its emerging narcolepsy pipeline and focused neuroscience commercial strategy make it a relevant emerging peer.
• NLS Pharmaceuticals: NLS Pharmaceuticals is developing Quilience (mazindol ER), a treatment for narcolepsy, with a focused small-team approach targeting the same sleep medicine specialist channel. As an emerging specialty narcolepsy-focused player, it is comparable to Avadel's pre-launch commercial-stage model.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/AvadelPharma
• LinkedInlinkedin.com/company/avadelpharmaceuticals

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries1 record

Funding overview

Funding rounds3 records

Investors7 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Avadel Pharmaceuticals