<SEC-DOCUMENT>0001104659-25-101586.txt : 20251022
<SEC-HEADER>0001104659-25-101586.hdr.sgml : 20251022
<ACCEPTANCE-DATETIME>20251022172639
ACCESSION NUMBER:		0001104659-25-101586
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20251022
DATE AS OF CHANGE:		20251022

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AVADEL PHARMACEUTICALS PLC
		CENTRAL INDEX KEY:			0001012477
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		EIN:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-37977
		FILM NUMBER:		251410895

	BUSINESS ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		10 EARLSFORT TERRACE
		CITY:			DUBLIN 2
		PROVINCE COUNTRY:   	L2
		ZIP:			D02 T380
		BUSINESS PHONE:		636-449-1830

	MAIL ADDRESS:	
		STREET 1:		16640 CHESTERFIELD GROVE ROAD
		STREET 2:		SUITE 200
		CITY:			CHESTERFIELD
		STATE:			MO
		ZIP:			63005

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FLAMEL TECHNOLOGIES SA
		DATE OF NAME CHANGE:	19960422
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>tm2529228d7_defa14a.htm
<DESCRIPTION>DEFA14A
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>



<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 14A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Proxy Statement Pursuant to Section 14(a) of
the</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Amendment No. )</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Filed by the Registrant <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Filed by a Party other than the Registrant <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD><TD STYLE="text-align: justify">Preliminary Proxy Statement</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD><TD STYLE="text-align: justify"><B>Confidential, for Use of the Commission Only (as permitted
by Rule 14a-6(e)(2))</B></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD><TD STYLE="text-align: justify">Definitive Proxy Statement</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD><TD STYLE="text-align: justify">Definitive Additional Materials</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD><TD STYLE="text-align: justify">Soliciting Material under &sect;240.14a-12</TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AVADEL PHARMACEUTICALS PLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Name of Registrant as Specified In Its Charter)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Name of Person(s) Filing Proxy Statement, if
other than the Registrant)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Payment of Filing Fee (Check the appropriate box):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD><TD STYLE="text-align: justify">No fee required.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD><TD STYLE="text-align: justify">Fee paid previously with preliminary materials.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD><TD STYLE="text-align: justify">Fee computed by table in exhibit required by Item 25(b) per
Exchange Act Rules 14a-6(i)(1) and 0-11.</TD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This Schedule 14A relates solely to preliminary communications made
prior to furnishing security holders of Avadel Pharmaceuticals plc (the &ldquo;Company&rdquo;) with a definitive proxy statement related
to a proposed transaction pursuant to that certain Transaction Agreement, dated October 22, 2025, by and between the Company and Alkermes
plc (&ldquo;Alkermes&rdquo; and such agreement, the &ldquo;Transaction Agreement&rdquo;) in which Alkermes will acquire the Company (the
 &ldquo;Acquisition&rdquo;) pursuant to a court-sanctioned scheme of arrangement under Chapter 1 of Part 9 of the Companies Act 2014 of
Ireland (the &ldquo;Scheme&rdquo;), or under certain circumstances, subject to the terms of the Transaction Agreement, a takeover offer
(as such term is defined in the Irish Takeover Rules) rather than the Scheme.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This Schedule 14A filing consists of the following documents relating
to the Acquisition:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><A HREF="#a_001">1.</A></TD><TD><A HREF="#a_001">Email from Gregory Divis, the Chief Executive Officer of the Company, sent to the Company&rsquo;s employees, dated October 22, 2025</A></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><A HREF="#a_002">2.</A></TD><TD><A HREF="#a_002">Employee FAQs sent to the Company&rsquo;s employees dated October 22, 2025</A></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><A HREF="#a_003">3.</A></TD><TD><A HREF="#a_003">Email from Gregory Divis, the Chief Executive Officer of the Company, sent to the Company&rsquo;s investors dated October 22, 2025</A></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><A NAME="a_001"></A>&nbsp;</P>

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  <TD STYLE="width: 50%">&nbsp;<IMG SRC="image_001.jpg" ALT=""></TD>
  <TD STYLE="width: 50%">&nbsp;&nbsp;<BR>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: rgb(0,112,192)"><B>Avadel Pharmaceuticals plc</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #0070C0">&nbsp;</P>
<IMG SRC="image_002.jpg" ALT=""><BR>
<BR>
<IMG SRC="image_003.jpg" ALT=""><BR>
<BR>
</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13pt 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Team Avadel,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Today, we are announcing the next exciting
chapter for our company and LUMRYZ&trade;, as we have entered into a definitive agreement for Avadel to be acquired by Alkermes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The combination of our two leading companies
builds on the foundation Avadel has created in narcolepsy and positions the combined companies to accelerate innovation and expand its
leadership in the development of treatments for sleep and other neurological disorders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">A key strategic rationale for Alkermes
in this transaction is that it accelerates their entry into and positions them as a key player in the sleep medicine market and provides
a strong foundation for their potential future launch of alixorexton. Formerly ALKS 2680, alixorexton is an investigational, oral orexin
2 receptor agonist in development as a once-daily treatment for narcolepsy type 1, narcolepsy type 2 and idiopathic hypersomnia.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Here is a link to the announcement that
was issued this morning: [Alkermes plc Announces Agreement to Acquire Avadel Pharmaceuticals plc | Avadel Pharmaceuticals PLC].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">As many of you know, Alkermes plc (Nasdaq:
ALKS), also headquartered in Dublin, Ireland, is a global biopharmaceutical company that seeks to develop innovative medicines in the
field of neuroscience. Alkermes has a portfolio of proprietary commercial products for the treatment of alcohol dependence, opioid dependence,
schizophrenia and bipolar 1 disorder, as well as a pipeline of clinical and preclinical candidates in development for neurological disorders,
including narcolepsy and idiopathic hypersomnia.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">For all of us at Team Avadel, this has
been an amazing journey, and I am very proud of what we have accomplished TOGETHER.&nbsp; In just a handful of years, we have navigated
many challenges and have helped thousands of people with narcolepsy. Most importantly, we successfully developed, secured FDA approval,
and brought to patients, the first and only once-at-bedtime extended release oxybate, LUMRYZ. Beyond that, we have expanded our pipeline
to potentially benefit more eligible patients with our LUMRYZ Idiopathic Hypersomnia phase 3 program and our recent in-license of valiloxybate.
And, of course, in the past 6 years we have grown Team Avadel from less than 30 colleagues and friends to over 200.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">However, this journey doesn&rsquo;t end
today.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Our collective success and what we have
accomplished, driven by your relentless hard work and true dedication to patients, is core to why Alkermes was interested in Avadel. Make
no mistake, all of that and even more will be required to fulfill the true promise of the combined organization for all &ndash; something
I know our team can and will deliver on!</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">For us, our culture was so critical to
shaping our successes, and the same is true for Alkermes. It is clear that our cultures are very aligned. During my discussions with Richard
Pops (CEO) and the Alkermes team, I have been extremely impressed. They care deeply about patients, their employees and their company
culture just as we do. I know the combined organization can and will help even more patients and continue building upon the strengths
of both organizations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">I am sure you will have lots of questions
both today and into the future. We will do our best to answer as many as we can and will continue to do so until the transaction is complete.
To begin this, we will host an all-employee town hall this morning at 9:30 a.m. Central Time as well as provide a specific FAQ (frequently
asked questions) document for your reference. Please be on the lookout for a calendar invite to the town hall.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">We understand this can create some uncertainty
and we are committed to communicating transparently and timely as information becomes available. Importantly, our collective &ldquo;why&rdquo;
of transforming the lives of people with narcolepsy has not changed and the most important thing we can do for patients is stay focused
on the critical work we do every day &ndash; helping more eligible people with narcolepsy (PWN) who could benefit from LUMRYZ.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Thank you for all you have done to make
a difference in the lives of thousands of people with narcolepsy and for making Avadel the special place it has become.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Best regards,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13pt 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13pt 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13pt 0pt 0; text-align: justify"><B>NO OFFER OR SOLICITATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This communication is for information
purposes only and is not intended to and does not constitute, or form part of, an offer, invitation or the solicitation of an offer or
invitation to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities, or the solicitation of any vote
or approval in any jurisdiction, pursuant to the acquisition or otherwise, nor shall there be any sale, issuance or transfer of securities
in any jurisdiction in contravention of applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The acquisition will be implemented by
means of an Irish High Court-sanctioned scheme of arrangement on the terms provided for in the scheme document (or, if the acquisition
is implemented by way of a takeover offer, the applicable takeover offer document), which will contain the full terms and conditions of
the acquisition, including details of how Avadel shareholders may vote in respect of the acquisition. Any decision in respect of, or other
response to, the acquisition, should be made only on the basis of the information contained in the scheme document (or if the acquisition
is implemented by way of a takeover offer, the applicable takeover offer document).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13pt 0pt 0; text-align: justify"><B>IMPORTANT INFORMATION AND WHERE TO
FIND IT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the acquisition, Avadel
intends to file with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) a preliminary and definitive proxy statement (which
will include the scheme document). The definitive proxy statement will be sent to Avadel shareholders as of the record date to be established
for voting at Avadel shareholder meetings to approve the acquisition. This communication is not a substitute for the proxy statement or
any other document that Avadel may file with the SEC or send to its shareholders in connection with the acquisition. BEFORE MAKING ANY
VOTING DECISION, AVADEL&rsquo;S SHAREHOLDERS ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT (INCLUDING THE SCHEME DOCUMENT) ANY AMENDMENTS
OR SUPPLEMENTS THERETO AND OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC IN CONNECTION WITH THE ACQUISITION, INCLUDING ANY
DOCUMENTS INCORPORATED BY REFERENCE THEREIN, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION ABOUT THE ACQUISITION, THE PARTIES TO THE SCHEME AND RELATED MATTERS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any vote in respect of the resolutions
to be proposed at the Avadel shareholder meeting to approve the acquisition, the scheme or related matters, or other responses in relation
to the acquisition, should be made only on the basis of the information contained in the definitive proxy statement (including the scheme
document).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preliminary and definitive proxy
statements, if and when filed, as well as Avadel&rsquo;s other public filings with the SEC, may be obtained without charge at the SEC&rsquo;s
website at www.sec.gov and at Avadel&rsquo;s website at https://investors.avadel.com/sec-filings. Avadel shareholders and investors will
also be able to obtain, without charge, a copy of the preliminary and definitive proxy statements (including the scheme document) and
other relevant documents (when available) by directing a written request to Avadel Pharmaceuticals plc, Attn: Investor Relations, 16640
Chesterfield Grove Road #200, Chesterfield, MO 63005, United States, or by contacting Investor Relations via email at investors@avadel.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13pt 0pt 0; text-align: justify"><B>PARTICIPANTS IN THE SOLICITATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Avadel and certain of its directors,
executive officers and employees may be deemed to be participants in the solicitation of proxies from Avadel shareholders in connection
with the acquisition and any other matters to be voted on at Avadel shareholder meetings. Information about the directors and executive
officers of Avadel, including a description of their direct or indirect interests, by security holdings or otherwise, is set forth in
Avadel&rsquo;s definitive proxy statement on Schedule 14A for its 2025 annual general meeting of shareholders, dated and filed with the
SEC on June 18, 2025. Other information regarding the persons who may, under the rules of the SEC, be deemed to be participants in the
solicitation of Avadel shareholders, including a description of their direct or indirect interests, by security holdings or otherwise,
will be set forth in the preliminary and definitive proxy statements (which will contain the scheme document) and other relevant materials
to be filed with the SEC in connection with the acquisition. You may obtain free copies of these documents using the sources indicated
above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13pt 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13pt 0pt 0; text-align: justify"><B>CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This report contains forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are often identified
by words such as &ldquo;anticipate,&rdquo; &ldquo;believe,&rdquo; &ldquo;intend,&rdquo; &ldquo;estimate,&rdquo; &ldquo;expect,&rdquo;
 &ldquo;see,&rdquo; &ldquo;continue,&rdquo; &ldquo;could,&rdquo; &ldquo;can,&rdquo; &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;likely,&rdquo;
 &ldquo;depend,&rdquo; &ldquo;should,&rdquo; &ldquo;would,&rdquo; &ldquo;plan,&rdquo; &ldquo;predict,&rdquo; &ldquo;target,&rdquo; and
similar expressions, and may include references to assumptions and relate to Avadel&rsquo;s future prospects, developments and business
strategies, and the acquisition. Such forward-looking statements include, but are not limited to, statements relating to the acquisition
involving Alkermes and Avadel, Avadel&rsquo;s current expectations and estimates about the expected effects and anticipated benefits of
the acquisition, the date of closing of the acquisition, including the parties&rsquo; ability to satisfy the conditions to the consummation
of the acquisition and the other conditions set forth in the transaction agreement, and Avadel&rsquo;s business activities and strategies.
Avadel&rsquo;s expectations and beliefs regarding these matters may not materialize. Actual outcomes and results may differ materially
from those contemplated by these forward-looking statements as a result of uncertainties, risks, and changes in circumstances, including
but not limited to risks and uncertainties related to: (i) the ability of the parties to consummate the acquisition in a timely manner
or at all; (ii) the satisfaction (or waiver) of conditions to the consummation of the acquisition, including with respect to the approval
of Avadel shareholders and required regulatory approvals; (iii) potential delays in consummating the acquisition; (iv) the ability of
Avadel to timely and successfully achieve the anticipated benefits of the acquisition; (v) the impact of health pandemics on the parties&rsquo;
respective businesses and the actions the parties may take in response thereto; (vi) the occurrence of any event, change or other circumstance
or condition that could give rise to the termination of the transaction agreement; (vii) the effect of the announcement or pendency of
the acquisition on Avadel&rsquo;s business relationships, operating results and business generally; (viii) costs related to the acquisition;
(ix) and the outcome of any legal proceedings that may be instituted against the parties or any of their respective directors or officers
related to the transaction agreement or the acquisition. Additional risks and uncertainties that could cause actual outcomes and results
to differ materially from those contemplated by the forward-looking statements are included under the caption &ldquo;Risk Factors&rdquo;
and elsewhere in Avadel&rsquo;s most recent filings with the SEC, including its Annual Report on Form 10-K for the year ended December
31, 2024 and any subsequent reports on Form 10-Q or Form 8-K filed with the SEC from time to time and available at www.sec.gov. These
documents can be accessed on Avadel&rsquo;s website at https://investors.avadel.com/sec-filings. The forward-looking statements set out
in this report are made only as of the date hereof. Avadel assumes no obligation and does not intend to update these forward- looking
statements, except as required by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13pt 0pt 0; text-align: justify"><B>RESPONSIBILITY STATEMENT REQUIRED
BY THE IRISH TAKEOVER RULES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The directors of Avadel accept responsibility
for the information contained in this communication. To the best of the knowledge and belief of the directors of Avadel (who have taken
all reasonable care to ensure such is the case), the information contained in this communication is in accordance with the facts and does
not omit anything likely to affect the import of such information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13pt 0pt 0; text-align: justify"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13pt 0pt 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13pt 0pt 0; text-align: justify"><B>DEALING DISCLOSURE REQUIREMENTS OF
THE IRISH TAKEOVER RULES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the provisions of Rule 8.3(a) of
the Irish Takeover Rules, any person who is &lsquo;interested&rsquo; (directly or indirectly) in 1% or more of any class of &lsquo;relevant
securities&rsquo; of Avadel must make an &lsquo;opening position disclosure&rsquo; following the commencement of the &lsquo;offer period&rsquo;.
An &lsquo;opening position disclosure&rsquo; must contain the details contained in Rule 8.6(a) of the Irish Takeover Rules, including,
among other things, details of the person&rsquo;s &lsquo;interests&rsquo; and &lsquo;short positions&rsquo; in any &lsquo;relevant securities&rsquo;
of Avadel. An &lsquo;opening position disclosure&rsquo; by a person to whom Rule 8.3(a) applies must be made by no later than 3:30 pm
(U.S. Eastern Time) on the day falling ten &lsquo;business days&rsquo; following the commencement of the &lsquo;offer period&rsquo;. Relevant
persons who deal in any &lsquo;relevant securities&rsquo; prior to the deadline for making an &lsquo;opening position disclosure&rsquo;
must instead make a &lsquo;dealing&rsquo; disclosure as described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the provisions of Rule 8.3(b) of
the Irish Takeover Rules, if any person is, or becomes, &lsquo;interested&rsquo; (directly or indirectly) in 1% or more of any class of
 &lsquo;relevant securities&rsquo; of Avadel, that person must publicly disclose all &lsquo;dealings&rsquo; in any &lsquo;relevant securities&rsquo;
of Avadel during the &lsquo;offer period&rsquo;, by not later than 3:30 p.m. (U.S. Eastern Time) on the &lsquo;business day&rsquo; following
the date of the relevant transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If two or more persons co-operate on
the basis of any agreement either express or tacit, either oral or written, to acquire an &lsquo;interest&rsquo; in &lsquo;relevant securities&rsquo;
of Avadel or any securities exchange offeror, they will be deemed to be a single person for the purpose of Rule 8.3 of the Irish Takeover
Rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, each of Avadel and any offeror
must make an &lsquo;opening position disclosure&rsquo; by no later 12:00 noon (U.S. Eastern Time) on the date falling ten &lsquo;business
days&rsquo; following the commencement of the &lsquo;offer period&rsquo; or the announcement that first identifies a securities exchange
offeror, as applicable, and disclose details of any &lsquo;dealings&rsquo; by it or any person &lsquo;acting in concert&rsquo; with it
in &lsquo;relevant securities&rsquo; during the &lsquo;offer period&rsquo;, by no later than 12:00 noon (U.S. Eastern Time) on the business
day following the date of the transaction (see Rules 8.1, 8.2 and 8.4).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A disclosure table, giving details of
the companies in whose &lsquo;relevant securities&rsquo; &lsquo;opening position&rsquo; and &lsquo;dealings&rsquo; should be disclosed
can be found on the Irish Takeover Panel&rsquo;s website at www.irishtakeoverpanel.ie.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Interests&rdquo; in securities
arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of securities. In
particular, a person will be treated as having an &lsquo;interest&rsquo; by virtue of the ownership or control of securities, or by virtue
of any option in respect of, or derivative referenced to, securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Terms in quotation marks in this section
are defined in the Irish Takeover Rules, which can be found on the Irish Takeover Panel&rsquo;s website. If you are in any doubt as to
whether or not you are required to disclose an &lsquo;opening position&rsquo; or &lsquo;dealing&rsquo; under Rule 8, please consult the
Irish Takeover Panel&rsquo;s website at www.irishtakeoverpanel.ie or contact the Irish Takeover Panel on telephone number +353 1 678 9020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13pt 0pt 0; text-align: justify"><B>ADDITIONAL INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain capitalized words used in this
communication and not herein defined have the meanings given to such words in the Rule 2.7 Announcement dated October 22, 2025 issued
by Avadel and Alkermes (the &ldquo;Rule 2.7 Announcement&rdquo;). The bases and sources set out in the Rule 2.7 Announcement have been
used in this communication, unless otherwise stated or the context otherwise requires.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13pt 0pt 0; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The release, publication or distribution
of this communication in, into, or from, certain jurisdictions other than Ireland and the United States may be restricted or affected
by the laws of those jurisdictions. Accordingly, copies of this communication are not being, and must not be, mailed or otherwise forwarded,
distributed or sent in, into, or from any such jurisdiction. Therefore, persons who receive this communication (including without limitation
nominees, trustees and custodians) and are subject to the laws of any jurisdiction other than Ireland and the United States who are not
resident in Ireland and the United States will need to inform themselves about, and observe, any applicable restrictions or requirements.
Any failure to do so may constitute a violation of the securities laws of any such jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No statement in this communication is
intended to constitute a profit forecast or a quantified financial benefit statement for any period, nor should any statements be interpreted
to mean that earnings or earnings per share will necessarily be greater or lesser than those for the relevant preceding financial periods
for Avadel or Alkermes. No statement in this communication constitutes an asset valuation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a_002"></A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Transaction Frequently Asked Questions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(&ldquo;Transaction FAQ&rdquo;)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>This document includes general FAQs on the agreement as well as
FAQs specific for Avadel Pharmaceuticals plc (&ldquo;Avadel&rdquo; or the &ldquo;Company&rdquo;) employees.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Agreement FAQs</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>1.</B></TD><TD STYLE="text-align: justify"><B>What was announced?</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Avadel entered into an agreement to be acquired for up to approximately
$2.1 billion by Alkermes plc (&ldquo;Alkermes&rdquo;), a leading biopharmaceutical company that seeks to develop innovative medicines
in the field of neuroscience. Alkermes has a portfolio of proprietary commercial products for the treatment of alcohol dependence, opioid
dependence, schizophrenia and bipolar I disorder, and a pipeline of clinical and preclinical candidates in development for neurological
disorders, including narcolepsy and idiopathic hypersomnia. Alkermes is headquartered in Dublin, Ireland and has a corporate office and
research and development center in Massachusetts and a manufacturing facility in Ohio.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Rationale for transaction</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We believe the transaction positions the combined company to accelerate
innovation and expand its leadership in development of treatments for sleep disorders and other neurological disorders, and that Alkermes
has the capacity to maximize the value of Avadel&rsquo;s current portfolio and accelerate the ability for LUMRYZ<SUP>&trade;</SUP>, to
reach more patients globally with increased global commercial scale as well as enhanced R&amp;D and technology capabilities to rapidly
advance the pipeline to develop more therapies for patients who are underserved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For shareholders, the transaction at a per share price of $18.50 payable
at the closing in cash plus a CVR representing a potential additional payment of $1.50 per share, based on the achievement by the Company
of a regulatory milestone following the closing, provides substantial and compelling value. The acquisition is expected to close in the
first quarter of 2026, subject to regulatory and shareholder approvals and other customary closing conditions. Prior to closing, Avadel
and Alkermes will continue to operate as separate, independent companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We&rsquo;ve built a company deeply committed to transforming the lives
of people living with narcolepsy, and Alkermes shares our passion for innovation and patient impact and, together, we will continue this
important work on behalf of people living with central disorders of hypersomnolence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><BR STYLE="clear: both"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Employee FAQs</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Not all of the information in this FAQ applies to employees outside
of the United States. If you are an employee located outside of the United States, additional information specific to your location will
be communicated separately.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>The following Employee FAQ document is separated into the following
sections:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010302">&bull;</FONT></TD><TD><I>High Level Overview About the Transaction</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010302">&bull;</FONT></TD><TD><I>Integration and Impact</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010302">&bull;</FONT></TD><TD><I>Communication</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010302">&bull;</FONT></TD><TD><I>Employee Benefits </I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>High Level Overview About the Transaction</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>3.</B></TD><TD STYLE="text-align: left"><B>Why is Avadel being acquired? Why can&rsquo;t we remain independent?
How will this transaction benefit our business?</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Since Avadel&rsquo;s inception in 1996, we have accomplished a tremendous
amount for patients, our employees, our customers and our shareholders. This acquisition is evidence of the value that we have created
together. <B>Our collective success and what we have accomplished, driven by your relentless hard work and true dedication to patients,
is core to why Alkermes was interested in Avadel. Alkermes recognizes the skills, knowledge and experience of our team and is excited
to work with you to further expand the commercial portfolio and development pipeline and grow the value of the combined company in the
longer term.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The combination of our two leading companies builds on the foundation
Avadel has created in narcolepsy and positions the combined companies to accelerate innovation and expand its leadership in the development
of treatments for sleep and other neurological disorders. A key strategic rationale for Alkermes in this transaction is that it accelerates
their entry into and positions them as a key player in the sleep medicine market and provides a strong foundation for their potential
future launch of alixorexton.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Similar to Avadel, Alkermes cares deeply about patients, their employees
and their company culture just as we do. We know the combined organization can and will help even more patients and continue building
upon the strengths of both organizations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>4.</B></TD><TD STYLE="text-align: left"><B>What are the next steps?</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We expect the transaction to close in the first quarter of 2026, subject
to regulatory and shareholder approvals and other customary closing conditions. Prior to closing, Avadel and Alkermes will continue to
operate as separate, independent companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Following the announcement, to the extent permitted by applicable
laws, Alkermes intends to engage with our senior management in integration planning, including a review of our business. This will
involve evaluating the best way in which to further maximize the value of the combined company&rsquo;s sleep disorder portfolio
through commercial execution and investments in clinical development.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Until then and through closing, we will generally continue to operate
in the ordinary course and execute on our existing business objectives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are committed to remaining as transparent as possible and we expect
to hear from Alkermes very soon regarding their shared vision for the combined company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>5.</B></TD><TD STYLE="text-align: left"><B>How does being an Irish company affect our ability to share
information with our employees?</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Avadel is an Irish public company and is therefore subject to the Irish
Takeover Rules. These rules govern transactions such as this one and started to apply to Avadel when Avadel was first approached about
a potential transaction and will continue until the transaction closes. These rules limit our ability to share information with employees
beyond what is already in our public announcements and public filings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">While we may not have all the answers immediately, we are committed
to being as transparent and timely as possible in our communications throughout this process.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To access our public filings related to this transaction, please visit
the <FONT STYLE="color: #467886"><U>https://investors.avadel.com/</U></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>6.</B></TD><TD STYLE="text-align: left"><B>What resources and communications are available to me through
the period until close?</B> You can contact HR for further resources or communications.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Integration and Impact</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>7.</B></TD><TD STYLE="text-align: left"><B>Who will be providing more information and when can we expect
it? What should I expect for the integration?</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As noted above, to the extent permitted by applicable laws, Alkermes
intends to engage with our senior management in integration planning, including a review of our business to evaluate the best way in which
to further maximize the value of the combined company&rsquo;s sleep disorder portfolio through commercial execution and investments in
clinical development. We just announced the transaction, so we will begin planning for the integration process soon and will communicate
more information as we have it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Remember, until the transaction is completed, no actual integration
can occur as we must continue to operate as two separate, independent companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Please also remember your confidentiality
obligations to Avadel remain in place.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt"><B>8.</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt"><B>Will my reporting structure
change prior to the closing?</B></FONT><BR STYLE="clear: both"></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Employees will continue to report to their respective managers, and
we will continue to operate as an independent company until close.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If there are changes to reporting structures prior to closing, it will
be solely determined by Avadel as part of normal business operations and not related to the transaction. The post-closing organizational
and reporting structure will be reviewed as part of the integration planning process and will ultimately be determined by Alkermes following
the closing. We will provide further updates as additional information becomes available.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>9.</B></TD><TD STYLE="text-align: left"><B>Will current roles and responsibilities change?</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For now, and until closing, we will continue to operate as an independent
company. If there are changes to reporting structures prior to closing, it will be solely determined by Avadel as part of our normal business
operations and not related to the transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">It is important to stay focused on your day-to-day work as continuity
will be key and we want to minimize disruptions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We believe Alkermes is committed to remaining transparent and will
share more about the post- closing plan as we progress towards closing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>10.</B></TD><TD STYLE="text-align: left"><B>Is there any work that should stop?</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Avadel and Alkermes will operate as separate, independent companies
until closing of the transaction. Unless you have been specifically informed by your business leader of any changes, you should continue
to focus on your day-to-day work. If there are changes prior to closing, it will be solely determined by Avadel as part of normal business
operations, and not related to the transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>11.</B></TD><TD STYLE="text-align: left"><B>How should I handle previously scheduled travel, business
meetings, etc.?</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Until the transaction closes, you should continue to perform your job
as you normally would, and you can consult with your manager for further guidance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>12.</B></TD><TD STYLE="text-align: left"><B>Will we continue to recruit for open positions? What should
I tell candidates?</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We remain focused on executing on our business priorities and recognize
the need to support our corporate objectives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If you are actively involved in recruiting for an open position and
have questions, please contact your HR business partner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>13.</B></TD><TD STYLE="text-align: left"><B>What about promotions or job transfers?</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Avadel will continue to promote certain employees consistent with past
practice. For now, and until closing, we will continue to operate as an independent company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>14.</B></TD><TD STYLE="text-align: left"><B>What happens to employment offers that have been extended
by Avadel to individuals who have not yet started?</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Avadel remains focused on executing on its business priorities and
recognizes the need to support its corporate objectives, which includes hiring in line with Avadel&rsquo;s plan to support these objectives.
Outstanding offers of employment remain in place with our new colleagues expected to start as planned.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>15.</B></TD><TD STYLE="text-align: left"><B>Are we going to be asked to relocate?</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">At this time, it is too early in the process to provide any further
details regarding relocation. While we may not have all the answers immediately, we are committed to being as transparent and timely as
possible in our communications throughout this process.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>16.</B></TD><TD STYLE="text-align: left"><B>What&rsquo;s going to happen to our jobs?</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For now, and until closing, we will continue to operate as an independent
company, and the post- closing organizational structure will be defined as part of the integration planning process. Alkermes attributes
significant value to Avadel&rsquo;s management and employees, whose ongoing contribution will be key to growing the value of the enlarged
business of Alkermes in the longer term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We believe Alkermes is committed to a thoughtful assessment of the
business and plans to develop an organizational structure that will draw on the best from both companies. The post- closing organizational
structure will be reviewed as part of the integration planning process.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We will provide further updates as additional information becomes available.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>17.</B></TD><TD STYLE="text-align: justify"><B>Will there be layoffs? When would we know?</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">There are no layoffs between now and closing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are committed to transparency and will share more information as
quickly as we can. Alkermes is committed to a thoughtful assessment of the business and plans to develop an organizational structure that
will draw on the best from both companies. The post-closing organizational structure will be reviewed as part of the integration planning
process.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>18.</B></TD><TD STYLE="text-align: left"><B>Will there be office or site closures?</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For now, and until closing, we are going to operate as an independent
company. If there are changes in our sites or facilities prior to closing, it will be solely determined by Avadel as part of normal business
operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The post-closing facility planning will be reviewed as part of the
integration planning process. We will provide further updates as additional information becomes available.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Communication</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>19.</B></TD><TD STYLE="text-align: left"><B>Can I talk to my customers/patient advocacy groups/partners?
Do they know? What should I tell external stakeholders (e.g., consultants)?</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are communicating news of this agreement to stakeholders today and
in the weeks ahead to ensure they understand the rationale for the transaction and to answer any questions they have.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">You will receive guidance from your manager on communications with
third parties. Until the transaction is completed, we will operate as two separate, independent companies. This includes continuing to
manage these existing relationships as part of our ordinary course of business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>20.</B></TD><TD STYLE="text-align: left"><B>Can I talk to my counterpart at Alkermes regarding business
or operations?</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not currently. Until the transaction is completed, Avadel and Alkermes
will continue to operate as separate, independent companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prior to closing, you should not interact with employees at Alkermes
about business matters unless you are directed to do so by a member of Avadel&rsquo;s integration planning team or it is otherwise cleared
by Legal. If there is a need to have discussions with your counterpart at Alkermes, that will be communicated to you as part of the integration
process.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Please remember your confidentiality obligations to Avadel remain in
place.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>21.</B></TD><TD STYLE="text-align: left"><B>What can I say to my family and friends?</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Publicly available information can be shared. The announcement is
available on the Avadel Investor Relations website located at <FONT STYLE="color: #467886"><U>https://investors.avadel.com/</U></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>22.</B></TD><TD STYLE="text-align: left"><B>What if I am approached by the media or investors?</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If you&rsquo;re contacted by the media/investors or have a social media
policy question, please follow our communications guidelines by reaching out to Tom McHugh (*****).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Employee Benefits</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>The terms of your benefits are in all cases governed by the applicable
plan document.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>23.</B></TD><TD STYLE="text-align: left"><B>What happens to any Avadel shares I hold?</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">At closing, you will receive $18.50 in cash plus
one Contingent Value Right (CVR) for each share of Avadel you hold. This includes shares that you hold at the time of the closing of the
transaction resulting from restricted stock units that have previously vested and converted to shares, options that have previously been
exercised, shares purchased through the Employee Share Purchase Plan (&ldquo;ESPP&rdquo;) and any shares purchased on the open market.
For clarity, if you sell shares (including those obtained via exercise of an option) prior to the closing of the transaction, you will
not receive $18.50 in cash plus one CVR for each share of Avadel you hold.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>24.</B></TD><TD STYLE="text-align: left"><B>Can I sell my shares that I hold prior to the transaction
closing?</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The transaction does not limit your ability to sell your Avadel shares.
However, all employees remain subject to the Insider Trading Policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>25.</B></TD><TD STYLE="text-align: left"><B>What happens to my Avadel equity awards?</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>Stock Options:</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Stock options (&ldquo;Avadel options&rdquo;) that are outstanding
at closing and have an exercise price less than $18.50, whether or not vested, will be cancelled in exchange for (i) a cash payment (less
applicable tax or other mandatory withholdings) equal to the number of shares subject to the Avadel option, multiplied by the excess
of $18.50 over the exercise price of such Avadel option, plus (ii) one CVR for each share subject to the Avadel option. <I><U>You do
not need to exercise your Avadel option to receive the consideration described in the preceding sentence.</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010302">&bull;</FONT></TD><TD>For example, assume you have an Avadel option to purchase one share of Avadel stock with an exercise price per share of $2.00. You
will receive $16.50 in cash (which represents the difference between $18.50 and the $2.00 exercise price) plus one CVR, less applicable
tax or other mandatory withholdings.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any Avadel Options that are outstanding at closing and have an exercise
price equal to or greater than $18.50 will be cancelled for no consideration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>Restricted Stock Units</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Avadel restricted stock unit awards (&ldquo;RSUs&rdquo;) that are outstanding
at closing will be cancelled in exchange for (i) a cash payment (less applicable tax or other mandatory withholdings) equal to the number
of outstanding RSUs multiplied by $18.50, plus (ii) one CVR for each outstanding RSU.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010302">&bull;</FONT></TD><TD>For example, assume you have outstanding Avadel RSUs representing 100 Avadel shares. You will receive $1,850 in cash (100 RSUs x $18.50),
less applicable tax or other mandatory withholdings, plus 100 CVRs.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>Restricted Stock Awards</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Avadel restricted stock awards will accelerate and vest in full immediately
prior to closing and will be treated in the same manner as all other Avadel shares in the transaction. However, payments with respect
to unvested Avadel restricted stock awards will be subject to applicable tax or other mandatory withholdings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010302">&bull;</FONT></TD><TD>For example, assume you have 100 unvested shares of Avadel restricted stock. You will receive $1,850 in cash (100 RSUs x $18.50),
less applicable tax or other mandatory withholdings, plus 100 CVRs.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>26.</B></TD><TD STYLE="text-align: left"><B>Can I exercise my vested Avadel options before closing? Who
should I contact with my stock questions?</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Yes, you may exercise your vested Avadel options
prior to the closing to the extent permitted by the Insider Trading Policy. If you choose to exercise your options prior to the closing
and do not sell the resulting shares, the shares received upon exercise will then be treated the same as a share of Avadel stock at the
closing of the transaction. If you choose not to exercise your options prior to close, your options will be treated as described in Question
25.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">You may want to speak to your own financial/tax advisors if you are
considering exercising your Avadel options during this window. You may also request the Avadel equity plan prospectuses for a description
of the tax consequences applicable to stock options from HR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">It is possible there will be a restriction on option exercises as the
closing of the transaction approaches. Any future restrictions will be communicated to you.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>27.</B></TD><TD STYLE="text-align: left"><B>What if I am currently enrolled in the Employee Share Purchase
Plan (&ldquo;ESPP&rdquo;)?</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In connection with the closing, Avadel&rsquo;s ESPP will terminate.
Any shares that are purchased under the ESPP prior to the closing will be treated like any other share of Avadel stock in the transaction
and will be converted into the transaction consideration of $18.50 in cash plus one CVR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company ESPP will be frozen and suspended as of October 22, 2025
and no new offering periods will begin under the Company ESPP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>28.</B></TD><TD STYLE="text-align: left"><B>Can I sign up to participate in the ESPP between now and
closing?</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If you are not currently enrolled in the ESPP, you may not sign up
to participate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>29.</B></TD><TD STYLE="text-align: left"><B>Given the transaction is expected to close in the first quarter
of 2026, will Avadel pay annual corporate and field-based bonuses and commissions for 2025?</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Yes, consistent with past practice, the Company intends to pay 2025
bonuses in early 2026 as normal, to the extent earned and subject to continued employment through such payment date. However, if closing
occurs prior to the date that the Company normally pays annual bonuses, then it is anticipated that, subject to regulatory approval, payment
of the 2025 bonuses will be accelerated and paid on or as soon as practicable after closing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>30.</B></TD><TD STYLE="text-align: left"><B>Will Avadel provide salary increases for 2026?</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Yes, consistent with past practice, Avadel will consider annual merit-based
increases for 2026 if closing has not occurred by January 1, 2026.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>31.</B></TD><TD STYLE="text-align: left"><B>What happens to the 401(k) plan and my contributions at close?</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">You may continue to contribute to your 401(k) account until closing.
You will receive additional information regarding the 401(k) plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>32.</B></TD><TD STYLE="text-align: left"><B>What happens to our health and welfare plans?</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Your health and welfare benefits (such as medical
and dental) will continue uninterrupted through closing. At or after closing, employees are generally expected to be transferred to Alkermes&rsquo;
health and welfare benefits plans, and more information regarding benefits post- closing will be finalized during the integration process
and communicated as soon as possible.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>33.</B></TD><TD STYLE="text-align: left"><B>Am I eligible for COBRA (health benefits if terminated)?</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For employees in the United States, you can request information regarding
COBRA from HR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>34.</B></TD><TD STYLE="text-align: left"><B>What happens if I am terminated after closing?</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If you are located in the United States and your employment is terminated
by the Company without &quot;Cause&quot; (as defined in the Avadel Severance Policy) within twelve months following the closing date,
it is anticipated that, subject to regulatory approval, you will be entitled to the following severance benefits subject to the terms
and conditions of the Avadel Severance Policy unless you are otherwise entitled to greater benefits under your employment agreement or
offer letter:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010302">&bull;</FONT></TD><TD>A lump sum cash amount equal to 16 weeks of base salary.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010302">&bull;</FONT></TD><TD>COBRA premium payment or reimbursement for up to 16 weeks.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If you are located in Ireland and your employment is terminated by
the Company in connection with or following closing, you will receive severance in accordance with your employment agreement or statutory
requirements, whichever is greater.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>35.</B></TD><TD STYLE="text-align: left"><B>What happens if I resign between announcement and close?</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If you resign between now and closing, your resignation will be handled
consistent with our ordinary practice and you will not be eligible for certain items, including the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010302">&bull;</FONT></TD><TD STYLE="text-align: left">Severance benefits, including any applicable equity acceleration.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.5in"></TD><TD STYLE="text-align: left; width: 0.5in"><FONT STYLE="color: #010302">&bull;</FONT></TD><TD STYLE="text-align: left">Any unvested Avadel options, RSUs and restricted stock awards will terminate immediately upon your resignation
and you will not receive any payment for them.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.5in"></TD><TD STYLE="text-align: left; width: 0.5in"><FONT STYLE="color: #010302">&bull;</FONT></TD><TD STYLE="text-align: left">Any vested Avadel options will remain outstanding for a period of time, typically three months, and will
then terminate if not exercised prior to this time. If your Avadel options terminate prior to closing, they will no longer be outstanding
at closing, and therefore you won&rsquo;t receive any cash payments or CVRs for such options.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; color: #010302"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>36.</B></TD><TD STYLE="text-align: left"><B>What happens if I am terminated for cause either before close
or after close?</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If you are terminated for cause before or after closing you won&rsquo;t
receive any payments or benefits. The transaction does not have any impact on a termination for cause.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>37.</B></TD><TD STYLE="text-align: left"><B>What happens if I am on a leave of absence when the transaction
closes?</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Employees on a leave of absence at closing will transfer to Alkermes
upon close.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NO OFFER OR SOLICITATION </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This communication is for information purposes only and is not intended
to and does not constitute, or form part of, an offer, invitation or the solicitation of an offer or invitation to purchase, otherwise
acquire, subscribe for, sell or otherwise dispose of any securities, or the solicitation of any vote or approval in any jurisdiction,
pursuant to the acquisition or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention
of applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The acquisition will be implemented by means of an Irish High Court-sanctioned
scheme of arrangement on the terms provided for in the scheme document (or, if the acquisition is implemented by way of a takeover offer,
the applicable takeover offer document), which will contain the full terms and conditions of the acquisition, including details of how
Avadel shareholders may vote in respect of the acquisition. Any decision in respect of, or other response to, the acquisition, should
be made only on the basis of the information contained in the scheme document (or if the acquisition is implemented by way of a takeover
offer, the applicable takeover offer document).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>IMPORTANT INFORMATION AND WHERE TO FIND IT </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In connection with the acquisition, Avadel intends to file with the
Securities and Exchange Commission (the &ldquo;SEC&rdquo;) a preliminary and definitive proxy statement (which will include the scheme
document). The definitive proxy statement will be sent to Avadel shareholders as of the record date to be established for voting at Avadel
shareholder meetings to approve the acquisition. This communication is not a substitute for the proxy statement or any other document
that Avadel may file with the SEC or send to its shareholders in connection with the acquisition. BEFORE MAKING ANY VOTING DECISION, AVADEL&rsquo;S
SHAREHOLDERS ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT (INCLUDING THE SCHEME DOCUMENT) ANY AMENDMENTS OR SUPPLEMENTS THERETO AND
OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC IN CONNECTION WITH THE ACQUISITION, INCLUDING ANY DOCUMENTS INCORPORATED BY
REFERENCE THEREIN, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE
ACQUISITION, THE PARTIES TO THE SCHEME AND RELATED MATTERS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any vote in respect of the resolutions to be proposed at the Avadel
shareholder meeting to approve the acquisition, the scheme or related matters, or other responses in relation to the acquisition, should
be made only on the basis of the information contained in the definitive proxy statement (including the scheme document).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The preliminary and definitive proxy statements, if and when filed,
as well as Avadel&rsquo;s other public filings with the SEC, may be obtained without charge at the SEC&rsquo;s website at www.sec.gov
and at Avadel&rsquo;s website at https://investors.avadel.com/sec-filings. Avadel shareholders and investors will also be able to obtain,
without charge, a copy of the preliminary and definitive proxy statements (including the scheme document) and other relevant documents
(when available) by directing a written request to Avadel Pharmaceuticals plc, Attn: Investor Relations, 16640 Chesterfield Grove Road
#200, Chesterfield, MO 63005, United States, or by contacting Investor Relations via email at investors@avadel.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>PARTICIPANTS IN THE SOLICITATION </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Avadel and certain of its directors, executive officers and employees
may be deemed to be participants in the solicitation of proxies from Avadel shareholders in connection with the acquisition and any other
matters to be voted on at Avadel shareholder meetings. Information about the directors and executive officers of Avadel, including a
description of their direct or indirect interests, by security holdings or otherwise, is set forth in Avadel&rsquo;s definitive proxy
statement on Schedule 14A for its 2025 annual general meeting of shareholders, dated and filed with the SEC on June 18, 2025. Other information
regarding the persons who may, under the rules of the SEC, be deemed to be participants in the solicitation of Avadel shareholders, including
a description of their direct or indirect interests, by security holdings or otherwise, will be set forth in the preliminary and definitive
proxy statements (which will contain the scheme document) and other relevant materials to be filed with the SEC in connection with the
acquisition. You may obtain free copies of these documents using the sources indicated above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #010302">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This report contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are often identified by words such
as &ldquo;anticipate,&rdquo; &ldquo;believe,&rdquo; &ldquo;intend,&rdquo; &ldquo;estimate,&rdquo; &ldquo;expect,&rdquo;
 &ldquo;see,&rdquo; &ldquo;continue,&rdquo; &ldquo;could,&rdquo; &ldquo;can,&rdquo; &ldquo;may,&rdquo; &ldquo;will,&rdquo;
 &ldquo;likely,&rdquo; &ldquo;depend,&rdquo; &ldquo;should,&rdquo; &ldquo;would,&rdquo; &ldquo;plan,&rdquo; &ldquo;predict,&rdquo;
 &ldquo;target,&rdquo; and similar expressions, and may include references to assumptions and relate to Avadel&rsquo;s future
prospects, developments and business strategies, and the acquisition. Such forward-looking statements include, but are not limited
to, statements relating to the acquisition involving Alkermes and Avadel, Avadel&rsquo;s current expectations and estimates about
the expected effects and anticipated benefits of the acquisition, the date of closing of the acquisition, including the
parties&rsquo; ability to satisfy the conditions to the consummation of the acquisition and the other conditions set forth in the
transaction agreement, and Avadel&rsquo;s business activities and strategies. Avadel&rsquo;s expectations and beliefs regarding
these matters may not materialize. Actual outcomes and results may differ materially from those contemplated by these
forward-looking statements as a result of uncertainties, risks, and changes in circumstances, including but not limited to risks and
uncertainties related to: (i) the ability of the parties to consummate the acquisition in a timely manner or at all; (ii) the
satisfaction (or waiver) of conditions to the consummation of the acquisition, including with respect to the approval of Avadel
shareholders and required regulatory approvals; (iii) potential delays in consummating the acquisition; (iv) the ability of Avadel
to timely and successfully achieve the anticipated benefits of the acquisition; (v) the impact of health pandemics on the
parties&rsquo; respective businesses and the actions the parties may take in response thereto; (vi) the occurrence of any event,
change or other circumstance or condition that could give rise to the termination of the transaction agreement; (vii) the effect of
the announcement or pendency of the acquisition on Avadel&rsquo;s business relationships, operating results and business generally;
(viii) costs related to the acquisition; (ix) and the outcome of any legal proceedings that may be instituted against the parties or
any of their respective directors or officers related to the transaction agreement or the acquisition. Additional risks and
uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking
statements are included under the caption &ldquo;Risk Factors&rdquo; and elsewhere in Avadel&rsquo;s most recent filings with the
SEC, including its Annual Report on Form 10-K for the year ended December 31, 2024 and any subsequent reports on Form 10-Q or Form
8-K filed with the SEC from time to time and available at www.sec.gov. These documents can be accessed on Avadel&rsquo;s website at
https://investors.avadel.com/sec-filings. The forward-looking statements set out in this report are made only as of the date hereof.
Avadel assumes no obligation and does not intend to update these forward- looking statements, except as required by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #010302">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #010302"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #010302">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>RESPONSIBILITY STATEMENT REQUIRED BY THE IRISH TAKEOVER RULES </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The directors of Avadel accept responsibility for the information contained
in this communication. To the best of the knowledge and belief of the directors of Avadel (who have taken all reasonable care to ensure
such is the case), the information contained in this communication is in accordance with the facts and does not omit anything likely to
affect the import of such information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>DEALING DISCLOSURE REQUIREMENTS OF THE IRISH TAKEOVER RULES </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the provisions of Rule 8.3(a) of the Irish Takeover Rules, any
person who is &lsquo;interested&rsquo; (directly or indirectly) in 1% or more of any class of &lsquo;relevant securities&rsquo; of Avadel
must make an &lsquo;opening position disclosure&rsquo; following the commencement of the &lsquo;offer period&rsquo;. An &lsquo;opening
position disclosure&rsquo; must contain the details contained in Rule 8.6(a) of the Irish Takeover Rules, including, among other things,
details of the person&rsquo;s &lsquo;interests&rsquo; and &lsquo;short positions&rsquo; in any &lsquo;relevant securities&rsquo; of Avadel.
An &lsquo;opening position disclosure&rsquo; by a person to whom Rule 8.3(a) applies must be made by no later than 3:30 pm (U.S. Eastern
Time) on the day falling ten &lsquo;business days&rsquo; following the commencement of the &lsquo;offer period&rsquo;. Relevant persons
who deal in any &lsquo;relevant securities&rsquo; prior to the deadline for making an &lsquo;opening position disclosure&rsquo; must instead
make a &lsquo;dealing&rsquo; disclosure as described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the provisions of Rule 8.3(b) of the Irish Takeover Rules, if
any person is, or becomes, &lsquo;interested&rsquo; (directly or indirectly) in 1% or more of any class of &lsquo;relevant securities&rsquo;
of Avadel, that person must publicly disclose all &lsquo;dealings&rsquo; in any &lsquo;relevant securities&rsquo; of Avadel during the
 &lsquo;offer period&rsquo;, by not later than 3:30 p.m. (U.S. Eastern Time) on the &lsquo;business day&rsquo; following the date of the
relevant transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If two or more persons co-operate on the basis of any agreement either
express or tacit, either oral or written, to acquire an &lsquo;interest&rsquo; in &lsquo;relevant securities&rsquo; of Avadel or any securities
exchange offeror, they will be deemed to be a single person for the purpose of Rule 8.3 of the Irish Takeover Rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, each of Avadel and any offeror must make an &lsquo;opening
position disclosure&rsquo; by no later 12:00 noon (U.S. Eastern Time) on the date falling ten &lsquo;business days&rsquo; following the
commencement of the &lsquo;offer period&rsquo; or the announcement that first identifies a securities exchange offeror, as applicable,
and disclose details of any &lsquo;dealings&rsquo; by it or any person &lsquo;acting in concert&rsquo; with it in &lsquo;relevant securities&rsquo;
during the &lsquo;offer period&rsquo;, by no later than 12:00 noon (U.S. Eastern Time) on the business day following the date of the transaction
(see Rules 8.1, 8.2 and 8.4).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A disclosure table, giving details of the companies in whose &lsquo;relevant
securities&rsquo; &lsquo;opening position&rsquo; and &lsquo;dealings&rsquo; should be disclosed can be found on the Irish Takeover Panel&rsquo;s
website at www.irishtakeoverpanel.ie.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;Interests&rdquo; in securities arise, in summary, when a person
has long economic exposure, whether conditional or absolute, to changes in the price of securities. In particular, a person will be treated
as having an &lsquo;interest&rsquo; by virtue of the ownership or control of securities, or by virtue of any option in respect of, or
derivative referenced to, securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Terms in quotation marks in this section are defined in the Irish Takeover
Rules, which can be found on the Irish Takeover Panel&rsquo;s website. If you are in any doubt as to whether or not you are required to
disclose an &lsquo;opening position&rsquo; or &lsquo;dealing&rsquo; under Rule 8, please consult the Irish Takeover Panel&rsquo;s website
at www.irishtakeoverpanel.ie or contact the Irish Takeover Panel on telephone number +353 1 678 9020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ADDITIONAL INFORMATION </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Certain capitalized words used in this communication and not herein
defined have the meanings given to such words in the Rule 2.7 Announcement dated October 22, 2025 issued by Avadel and Alkermes (the &ldquo;Rule
2.7 Announcement&rdquo;). The bases and sources set out in the Rule 2.7 Announcement have been used in this communication, unless otherwise
stated or the context otherwise requires.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The release, publication or distribution of this communication in,
into, or from, certain jurisdictions other than Ireland and the United States may be restricted or affected by the laws of those jurisdictions.
Accordingly, copies of this communication are not being, and must not be, mailed or otherwise forwarded, distributed or sent in, into,
or from any such jurisdiction. Therefore, persons who receive this communication (including without limitation nominees, trustees and
custodians) and are subject to the laws of any jurisdiction other than Ireland and the United States who are not resident in Ireland and
the United States will need to inform themselves about, and observe, any applicable restrictions or requirements. Any failure to do so
may constitute a violation of the securities laws of any such jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No statement in this communication is intended to constitute a profit
forecast or a quantified financial benefit statement for any period, nor should any statements be interpreted to mean that earnings or
earnings per share will necessarily be greater or lesser than those for the relevant preceding financial periods for Avadel or Alkermes.
No statement in this communication constitutes an asset valuation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a_003"></A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Subject:</B>&nbsp;Follow up from news of Avadel being acquired by
Alkermes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear &lt;&lt;NAME&gt;&gt;,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As a follow up to the recent announcement that Avadel has entered into
an agreement to be acquired by Alkermes, we value the support you have provided and the opportunity to answer questions you might have. These discussions over the last number
of years have been constructive and critical for us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As such, we welcome the opportunity to connect at a time
that might work for all of us.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Please let us know if you have any questions and thank you for your continued support.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Additionally, as this transaction is governed by the Irish Takeover
Rules, there are specific restrictions on what we can discuss which is limited to only what has been publicly communicated by Alkermes.&nbsp;
Additionally, we are required to have representation from one of our financial advisors to &ldquo;chaperone&rdquo; our discussion.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Greg</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Greg Divis</B><BR>
Chief Executive Officer<BR>
<B>&ndash;&ndash;&ndash;&ndash;&ndash;&ndash;</B><BR>
avadel.com<BR>
16640 Chesterfield Grove Road, Suite 200<BR>
Chesterfield, MO 63005<BR>
Office: +1 636-730-1409</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="image_005.jpg" ALT="" STYLE="height: 38.25pt; width: 115.5pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Important legal notice: This e-mail message and any attachments is
intended only for the individual or entity to which it is addressed and may contain information that is privileged, confidential, proprietary
and exempt from disclosure. If the reader of this e-mail message is not the intended recipient or the employee or agent responsible for
delivering the message to the intended recipient, you are hereby notified that any dissemination, distribution, copying of this e-mail
message or use of the content of this e-mail is strictly prohibited and may be unlawful. If you are not the intended recipient, please
notify the sender as soon as possible by return e-mail and delete all copies of this message and any attachments immediately. All information
contained herein is subject to amendment and modification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">___________________________________________________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>NO OFFER OR SOLICITATION</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This communication is for information purposes only and is not intended
to and does not constitute, or form part of, an offer, invitation or the solicitation of an offer or invitation to purchase, otherwise
acquire, subscribe for, sell or otherwise dispose of any securities, or the solicitation of any vote or approval in any jurisdiction,
pursuant to the acquisition or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention
of applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The acquisition will be implemented by means of an Irish High Court-sanctioned
scheme of arrangement on the terms provided for in the scheme document (or, if the acquisition is implemented by way of a takeover offer,
the applicable takeover offer document), which will contain the full terms and conditions of the acquisition, including details of how
Avadel shareholders may vote in respect of the acquisition. Any decision in respect of, or other response to, the acquisition, should
be made only on the basis of the information contained in the scheme document (or if the acquisition is implemented by way of a takeover
offer, the applicable takeover offer document).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Important Additional Information and Where To Find It</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In connection with the acquisition, Avadel intends to file with the
Securities and Exchange Commission (the &ldquo;<B>SEC</B>&rdquo;) a preliminary and definitive proxy statement (which will include the
scheme document). The definitive proxy statement will be sent to Avadel shareholders as of the record date to be established for voting
at Avadel shareholder meetings to approve the acquisition. This communication is not a substitute for the proxy statement or any other
document that Avadel may file with the SEC or send to its shareholders in connection with the acquisition. BEFORE MAKING ANY VOTING DECISION,
AVADEL&rsquo;S SHAREHOLDERS ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT (INCLUDING THE SCHEME DOCUMENT) ANY AMENDMENTS OR SUPPLEMENTS
THERETO AND OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC IN CONNECTION WITH THE ACQUISITION, INCLUDING ANY DOCUMENTS INCORPORATED
BY REFERENCE THEREIN, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT
THE ACQUISITION, THE PARTIES TO THE SCHEME AND RELATED MATTERS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any vote in respect of the resolutions to be proposed at the Avadel
shareholder meeting to approve the acquisition, the scheme or related matters, or other responses in relation to the acquisition, should
be made only on the basis of the information contained in the definitive proxy statement (including the scheme document).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The preliminary and definitive proxy statements, if and when filed,
as well as Avadel&rsquo;s other public filings with the SEC, may be obtained without charge at the SEC&rsquo;s website at www.sec.gov
and at Avadel&rsquo;s website at https://investors.avadel.com/sec-filings. Avadel shareholders and investors will also be able to obtain,
without charge, a copy of the preliminary and definitive proxy statements (including the scheme document) and other relevant documents
(when available) by directing a written request to Avadel Pharmaceuticals plc, Attn: Investor Relations, 16640 Chesterfield Grove Road
#200, Chesterfield, MO 63005, United States, or by contacting Investor Relations via email at investors@avadel.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>PARTICIPANTS IN THE SOLICITATION</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Avadel and certain of its directors, executive officers and employees
may be deemed to be participants in the solicitation of proxies from Avadel shareholders in connection with the acquisition and any other
matters to be voted on at Avadel shareholder meetings. Information about the directors and executive officers of Avadel, including a description
of their direct or indirect interests, by security holdings or otherwise, is set forth in Avadel&rsquo;s definitive proxy statement on
Schedule 14A for its 2025 annual general meeting of shareholders, dated and filed with the SEC on June 18, 2025. Other information regarding
the persons who may, under the rules of the SEC, be deemed to be participants in the solicitation of Avadel shareholders, including a
description of their direct or indirect interests, by security holdings or otherwise, will be set forth in the preliminary and definitive
proxy statements (which will contain the scheme document) and other relevant materials to be filed with the SEC in connection with the
acquisition. You may obtain free copies of these documents using the sources indicated above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This report contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are often identified by words such as &ldquo;anticipate,&rdquo;
 &ldquo;believe,&rdquo; &ldquo;intend,&rdquo; &ldquo;estimate,&rdquo; &ldquo;expect,&rdquo; &ldquo;see,&rdquo; &ldquo;continue,&rdquo;
 &ldquo;could,&rdquo; &ldquo;can,&rdquo; &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;likely,&rdquo; &ldquo;depend,&rdquo; &ldquo;should,&rdquo;
 &ldquo;would,&rdquo; &ldquo;plan,&rdquo; &ldquo;predict,&rdquo; &ldquo;target,&rdquo; and similar expressions, and may include references
to assumptions and relate to Avadel&rsquo;s future prospects, developments and business strategies, and the acquisition. Such forward-looking
statements include, but are not limited to, statements relating to the acquisition involving Alkermes and Avadel, Avadel&rsquo;s current
expectations and estimates about the expected effects and anticipated benefits of the acquisition, the date of closing of the acquisition,
including the parties&rsquo; ability to satisfy the conditions to the consummation of the acquisition and the other conditions set forth
in the transaction agreement, and Avadel&rsquo;s business activities and strategies. Avadel&rsquo;s expectations and beliefs regarding
these matters may not materialize. Actual outcomes and results may differ materially from those contemplated by these forward-looking
statements as a result of uncertainties, risks, and changes in circumstances, including but not limited to risks and uncertainties related
to: (i) the ability of the parties to consummate the acquisition in a timely manner or at all; (ii) the satisfaction (or waiver) of conditions
to the consummation of the acquisition, including with respect to the approval of Avadel shareholders and required regulatory approvals;
(iii) potential delays in consummating the acquisition; (iv) the ability of Avadel to timely and successfully achieve the anticipated
benefits of the acquisition; (v) the impact of health pandemics on the parties&rsquo; respective businesses and the actions the parties
may take in response thereto; (vi) the occurrence of any event, change or other circumstance or condition that could give rise to the
termination of the transaction agreement; (vii) the effect of the announcement or pendency of the acquisition on Avadel&rsquo;s business
relationships, operating results and business generally; (viii) costs related to the acquisition; (ix) and the outcome of any legal proceedings
that may be instituted against the parties or any of their respective directors or officers related to the transaction agreement or the
acquisition. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated
by the forward-looking statements are included under the caption &ldquo;Risk Factors&rdquo; and elsewhere in Avadel&rsquo;s most recent
filings with the SEC, including its Annual Report on Form 10-K for the year ended December 31, 2024 and any subsequent reports on Form
10-Q or Form 8-K filed with the SEC from time to time and available at www.sec.gov. These documents can be accessed on Avadel&rsquo;s
website at https://investors.avadel.com/sec-filings. The forward-looking statements set out in this report are made only as of the date
hereof. Avadel assumes no obligation and does not intend to update these forward- looking statements, except as required by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>RESPONSIBILITY STATEMENT REQUIRED BY THE IRISH TAKEOVER RULES</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The directors of Avadel accept responsibility for the information contained
in this communication. To the best of the knowledge and belief of the directors of Avadel (who have taken all reasonable care to ensure
such is the case), the information contained in this communication is in accordance with the facts and does not omit anything likely to
affect the import of such information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>IMPORTANT NOTICES RELATING TO FINANCIAL ADVISORS</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Goldman Sachs &amp; Co. LLC, which is authorized and regulated by the
Financial Industry Regulatory Authority, is acting exclusively as financial advisor for Avadel and for no one else in connection with
the matters set out in this communication and will not regard any other person as its client in relation to the matters set out in this
communication and will not be responsible to anyone other than Avadel for providing the protections afforded to clients of Goldman Sachs
 &amp; Co. LLC nor for providing advice in relation to the acquisition or any other matter referred to in this communication. Neither Goldman
Sachs &amp; Co. LLC nor any of its affiliates (nor their respective directors, officers, employees or agents) owes or accepts any duty,
liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person
who is not a client of Goldman Sachs &amp; Co. LLC in connection with this communication, any statement contained herein or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Morgan Stanley &amp; Co. LLC, acting through its affiliate Morgan Stanley
 &amp; Co. International plc (together, &ldquo;<B>Morgan Stanley</B>&rdquo;), which is authorised by the Prudential Regulation Authority
and regulated by the Financial Conduct Authority in the United Kingdom, is acting exclusively for Avadel as financial advisor and for
no one else in relation to the matters referred to in this communication. In connection with such matters, Morgan Stanley and its directors,
officers, employees and agents will not regard any other person as its client, nor will it be responsible to anyone other than Avadel
for providing the protections afforded to their clients or for providing advice in connection with the matters described in this announcement
or any matter referred to herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>DEALING DISCLOSURE REQUIREMENTS OF THE IRISH TAKEOVER RULES</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the provisions of Rule 8.3(a) of the Irish Takeover Rules, any
person who is &lsquo;interested&rsquo; (directly or indirectly) in 1% or more of any class of &lsquo;relevant securities&rsquo; of Avadel
must make an &lsquo;opening position disclosure&rsquo; following the commencement of the &lsquo;offer period&rsquo;. An &lsquo;opening
position disclosure&rsquo; must contain the details contained in Rule 8.6(a) of the Irish Takeover Rules, including, among other things,
details of the person&rsquo;s &lsquo;interests&rsquo; and &lsquo;short positions&rsquo; in any &lsquo;relevant securities&rsquo; of Avadel.
An &lsquo;opening position disclosure&rsquo; by a person to whom Rule 8.3(a) applies must be made by no later than 3:30 pm (U.S. Eastern
Time) on the day falling ten &lsquo;business days&rsquo; following the commencement of the &lsquo;offer period&rsquo;. Relevant persons
who deal in any &lsquo;relevant securities&rsquo; prior to the deadline for making an &lsquo;opening position disclosure&rsquo; must instead
make a &lsquo;dealing&rsquo; disclosure as described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the provisions of Rule 8.3(b) of the Irish Takeover Rules, if
any person is, or becomes, &lsquo;interested&rsquo; (directly or indirectly) in 1% or more of any class of &lsquo;relevant securities&rsquo;
of Avadel, that person must publicly disclose all &lsquo;dealings&rsquo; in any &lsquo;relevant securities&rsquo; of Avadel during the
 &lsquo;offer period&rsquo;, by not later than 3:30 p.m. (U.S. Eastern Time) on the &lsquo;business day&rsquo; following the date of the
relevant transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If two or more persons co-operate on the basis of any agreement either
express or tacit, either oral or written, to acquire an &lsquo;interest&rsquo; in &lsquo;relevant securities&rsquo; of Avadel or any securities
exchange offeror, they will be deemed to be a single person for the purpose of Rule 8.3 of the Irish Takeover Rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, each of Avadel and any offeror must make an &lsquo;opening
position disclosure&rsquo; by no later 12:00 noon (U.S. Eastern Time) on the date falling ten &lsquo;business days&rsquo; following the
commencement of the &lsquo;offer period&rsquo; or the announcement that first identifies a securities exchange offeror, as applicable,
and disclose details of any &lsquo;dealings&rsquo; by it or any person &lsquo;acting in concert&rsquo; with it in &lsquo;relevant securities&rsquo;
during the &lsquo;offer period&rsquo;, by no later than 12:00 noon (U.S. Eastern Time) on the business day following the date of the transaction
(see Rules 8.1, 8.2 and 8.4).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A disclosure table, giving details of the companies in whose &lsquo;relevant
securities&rsquo; &lsquo;opening position&rsquo; and &lsquo;dealings&rsquo; should be disclosed can be found on the Irish Takeover Panel&rsquo;s
website at www.irishtakeoverpanel.ie.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;Interests&rdquo; in securities arise, in summary, when a person
has long economic exposure, whether conditional or absolute, to changes in the price of securities. In particular, a person will be treated
as having an &lsquo;interest&rsquo; by virtue of the ownership or control of securities, or by virtue of any option in respect of, or
derivative referenced to, securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Terms in quotation marks in this section are defined in the Irish Takeover
Rules, which can be found on the Irish Takeover Panel&rsquo;s website. If you are in any doubt as to whether or not you are required to
disclose an &lsquo;opening position&rsquo; or &lsquo;dealing&rsquo; under Rule 8, please consult the Irish Takeover Panel&rsquo;s website
at www.irishtakeoverpanel.ie or contact the Irish Takeover Panel on telephone number +353 1 678 9020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>ADDITIONAL INFORMATION</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Certain capitalized words used in this communication and not herein
defined have the meanings given to such words in the Rule 2.7 Announcement dated October 22, 2025 issued by Avadel and Alkermes (the &ldquo;<B>Rule
2.7 Announcement</B>&rdquo;). The bases and sources set out in the Rule 2.7 Announcement have been used in this communication, unless
otherwise stated or the context otherwise requires.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The release, publication or distribution of this communication in,
into, or from, certain jurisdictions other than Ireland and the United States may be restricted or affected by the laws of those jurisdictions.
Accordingly, copies of this communication are not being, and must not be, mailed or otherwise forwarded, distributed or sent in, into,
or from any such jurisdiction. Therefore, persons who receive this communication (including without limitation nominees, trustees and
custodians) and are subject to the laws of any jurisdiction other than Ireland and the United States who are not resident in Ireland and
the United States will need to inform themselves about, and observe, any applicable restrictions or requirements. Any failure to do so
may constitute a violation of the securities laws of any such jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No statement in this communication is intended to constitute a profit
forecast or a quantified financial benefit statement for any period, nor should any statements be interpreted to mean that earnings or
earnings per share will necessarily be greater or lesser than those for the relevant preceding financial periods for Avadel or Alkermes.
No statement in this communication constitutes an asset valuation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 28; Options: Last -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->



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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
