New York, February 19, 2026, 08:29 EST — Premarket
- One of Avadel’s biggest shareholders disclosed that its stake turned to cash when the Alkermes acquisition closed.
- Avadel shares last changed hands at $21.64 before the halt kicked in and the stock left Nasdaq.
- Options linked to AVDL are expiring faster, now that cash-only settlement is taking the place of shares.
One of Avadel Pharmaceuticals’ major shareholders revealed it lost its stake following the company’s acquisition, highlighting how trading in AVDL now mostly comes down to wrapping up paperwork and handling settlement. (SEC)
Weiss Asset Management LP unloaded 11,112,052 Avadel ordinary shares as part of the acquisition, according to a filing. Holders ended up with $21.00 in cash per share plus a contingent value right, or CVR. (SEC)
Here’s why: Avadel shares aren’t really trading anymore. The stock finished at $21.64 on Feb. 11, posting a small 0.1% gain. Then trading paused before the deal went through. (StockAnalysis)
Anyone left holding via brokers, or tangled up in odd lots, ETFs, or corporate action queues, now faces the timing puzzle: when does the cash actually arrive, when does the CVR make its appearance, and what exactly counts as “deliverable” in the world of derivatives and settlement systems?
Nasdaq notified traders that trading in the stock was stopped right after the Feb. 11 after-hours session, with a suspension kicking in the next day to coincide with the merger’s close. Shareholders are getting $21 in cash for each share, plus one non-transferable CVR. (NASDAQ Trader)
Options traders are on alert. The Options Clearing Corporation detailed that every AVDL share will be exchanged for $21.00 in cash plus a non-transferable CVR. Listed options? Now cash-only delivery, and a swath of expirations move up to Feb. 20.
Alkermes has completed its purchase of Avadel, scooping up the narcolepsy therapy Lumryz in the process. CEO Richard Pops described the deal’s close as “an important milestone,” and underscored the company’s entry into sleep medicine as Alkermes preps for upcoming late-stage narcolepsy studies. (Nasdaq)
The CVR holds all that’s left on the table. As laid out in the agreement, hitting a certain milestone before Dec. 31, 2028 could unlock a $1.50 per share cash payout; miss it, and the CVR ends up worthless. (PR Newswire)
With its once-nightly dosing, Lumryz is aiming to shake up a market where twice-nightly oxybate treatments like Jazz Pharmaceuticals’ Xyrem and Xywav have been the standard. That’s partly why investors still see the CVR as a speculative regulatory and commercial play, not a done deal. (Reuters)
This isn’t a done deal yet. Some custodians can drag out cash settlement, frustrating investors who expect quick turnaround. And the CVR? Its payout depends on an event that might show up late, or never materialize—potentially leaving holders empty-handed. (PR Newswire)
The real milestone ahead isn’t about Avadel shares. Alkermes is set to report results on Feb. 25, along with a preview of its 2026 targets—that’s when investors will get their first look at how the company aims to integrate Lumryz and what projections it’s making for the merged business. (Americanpharmaceuticalreview)
