Avadel Pharmaceuticals plc (Nasdaq: AVDL, formerly Flamel Technologies SA) is an Irish-registered specialty biopharmaceutical company incorporated as an Irish entity in 2015, with its U.S. headquarters in St. Louis, Missouri and registered address in Dublin. It was publicly traded on Nasdaq until February 12, 2026, when Alkermes plc completed its acquisition of the company for roughly $1.9 billion upfront (up to ~$2.1 billion including a contingent value right). Avadel is now a wholly owned subsidiary of Alkermes. Per its FY2024 Form 10-K, Avadel had 188 employees as of December 31, 2024 and net product revenue of $169.1 million, up from $28.0 million in 2023; the company reported a net loss of $48.8 million in 2024.
Products and operations. Avadel is a commercial-stage drug developer, not a non-practicing entity. Its principal product is LUMRYZ (sodium oxybate), an extended-release, once-at-bedtime formulation FDA-approved in May 2023 for cataplexy or excessive daytime sleepiness in patients seven years and older with narcolepsy; it began shipping in June 2023 and is sold to specialty pharmacies. The company also holds drug-delivery technologies (Micropump, LiquiTime, Medusa) used in its formulation work. LUMRYZ is a 505(b)(2) product referencing Jazz Pharmaceuticals' Xyrem.
Patent-litigation posture. Avadel is an operating company and an active, two-way litigant in a brand-versus-brand dispute — not an NPE asserting an acquired portfolio. Of its three tracked cases, one is defensive and two offensive. Jazz Pharmaceuticals sued Avadel (D. Del., filed November 10, 2021, before Judge Gregory B. Williams) under the Hatch-Waxman Act over sodium oxybate patents. Avadel countersued, including antitrust counterclaims (C.A. No. 22-941) and later declaratory-judgment actions asserting its own sodium oxybate formulation patents (e.g., U.S. 12,226,388 and 12,226,389) against Jazz. All cases are in the District of Delaware, not an NPE-favored venue such as the Eastern District of Texas.
Notable context. In Jazz's suit, a jury upheld claim 24 of Jazz's U.S. 11,147,782 patent and awarded a small royalty; the district court's injunction was largely reversed or vacated by the Federal Circuit in May 2025. The parties settled on October 21, 2025, dismissing claims with prejudice, a condition tied to the Alkermes CVR.