<SEC-DOCUMENT>0001104659-25-101867.txt : 20251023
<SEC-HEADER>0001104659-25-101867.hdr.sgml : 20251023
<ACCEPTANCE-DATETIME>20251023165505
ACCESSION NUMBER:		0001104659-25-101867
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20251023
DATE AS OF CHANGE:		20251023

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:		251413675

	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>tm2529228d8_defa14a.htm
<DESCRIPTION>DEFA14A
<TEXT>
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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>



<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">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>
</TR></TABLE>
<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>
</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">&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"></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; text-align: justify">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; text-align: justify">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 STYLE="text-align: justify"><A HREF="#a_001">Email from Gregory Divis, the Chief Executive Officer of the Company, sent to the Company&rsquo;s employees,
dated October 23, 2025</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a_001"></A><B>From</B>: Avadel CEO</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Subject:</B>&nbsp;Building the Future Together: Alkermes + Avadel</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>Team Avadel, </I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Please find below an important and inspiring message from Richard
Pops, CEO of Alkermes.&nbsp; </I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Greg</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">********</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 the Avadel Team,</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">Yesterday, we announced Alkermes&rsquo; intent to acquire Avadel Pharmaceuticals.
On behalf of all of us at Alkermes, I want to say how excited we are to welcome you to our team early next year.</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 marks an important step forward, not just for our two organizations,
but for the broader sleep disorder community. From our earliest conversations, it was clear that your team&rsquo;s scientific excellence,
strong commercial infrastructure and innovative approach aligned closely with our strategic vision and corporate values. We are both driven
by a shared focus on patients and by the belief that our people are our competitive advantage. The logic of this transaction is based
on an exciting view of how we can work together to bring important medicines to people in need of them.</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">Alkermes has been a leader in neuroscience for more than three decades,
pioneering new therapies for neurological and psychiatric disorders. We are currently researching alixorexton, an orexin 2 receptor agonist
and a potential new treatment for narcolepsy and idiopathic hypersomnia. We believe that together, our teams, infrastructure and expertise
in sleep disorders along with our combined investigational pipelines, provide an unprecedented opportunity to expand options, close treatment
gaps and reach more patients living with sleep disorders and drive significant growth.</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 see this as more than just an acquisition. It is the beginning of
a collaboration built on mutual respect, complementary strengths and a joint commitment to translating cutting-edge science into transformative
outcomes. Your work has already made a meaningful impact. We are excited to provide the support and platform to help accelerate that progress
even further.</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 the months ahead, we will work closely to ensure a smooth integration
once the acquisition is complete. Our priority will be to preserve the culture and capabilities that make your team exceptional while
identifying opportunities to amplify our collective impact.</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">Thank you for the important work you do and for the opportunity to
build what is next, together. We are incredibly excited about the future and look forward to getting to know you as colleagues.</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">RP</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>IMPORTANT ADDITIONAL INFORMATION AND WHERE TO FIND IT</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">In connection with the acquisition, the Company intends to file with
the SEC a preliminary and definitive Proxy Statement (which will include the scheme document). The definitive Proxy Statement will be
sent to Company shareholders as of the record date to be established for voting at the Company shareholder meetings to approve the acquisition.
This communication is not a substitute for the Proxy Statement or any other document that the Company may file with the SEC or send to
its shareholders in connection with the acquisition. BEFORE MAKING ANY VOTING DECISION, THE COMPANY&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 Company
shareholders meetings 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 the Company&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 the Company&rsquo;s website at https://investors.avadel.com/sec-filings. Company 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, Attention: Investor Relations, or from Avadel&rsquo;s website, www.avadel.com..</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>PARTICIPANTS IN THE SOLICITATION</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">The Company and certain of its directors, executive officers and employees
may be deemed to be participants in the solicitation of proxies from Company shareholders in connection with the acquisition and any other
matters to be voted on at the Company shareholder meetings. Information about the directors and executive officers of the Company, including
a description of their direct or indirect interests, by security holdings or otherwise, is set forth in the Company&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 Company 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"><B>&nbsp;</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</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">This communication 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 the Company&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 the Company, the Company&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 the Company&rsquo;s business activities and strategies. The Company&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 Company shareholders and required regulatory
approvals; (iii) potential delays in consummating the acquisition; (iv) the ability of the Company and Alkermes 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
the business relationships, operating results and business generally of each of the Company and Alkermes; (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 the Company&rsquo;s most recent filings with the SEC, including its Quarterly Report on Form 10-Q for
the quarter ended June 30, 2025 and under the caption &ldquo;Risk Factors&rdquo; in Alkermes&rsquo; Annual Report on Form 10-K for the
year ended Dec. 31, 2024 and, in each case, any subsequent reports on Form 10-K, 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 the Company&rsquo;s website at https://investors.avadel.com/sec-filings
and on Alkermes&rsquo; website at https://investor.alkermes.com/sec-filings. The forward-looking statements set out in this report are
made only as of the date hereof. The Company and Alkermes assume no obligation and do 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"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>RESPONSIBILITY STATEMENT REQUIRED BY THE IRISH TAKEOVER RULES</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">The directors of the Company accept responsibility for the information
contained in this communication. To the best of the knowledge and belief of the directors of the Company (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">The directors of Alkermes accept responsibility for the information
contained in this communication. To the best of the knowledge and belief of the directors of Alkermes (who have taken all reasonable care
to ensure that 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"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>DEALING DISCLOSURE REQUIREMENTS OF THE IRISH TAKEOVER RULES</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">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 the
Company 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 the
Company. 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 the Company, that person must publicly disclose all &lsquo;dealings&rsquo; in any &lsquo;relevant securities&rsquo; of the Company
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 the Company 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 the Company 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"><B>&nbsp;</B></P>

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

<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 the Company 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 0; text-align: justify"></P>

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