<SEC-DOCUMENT>0001104659-25-111754.txt : 20251114
<SEC-HEADER>0001104659-25-111754.hdr.sgml : 20251114
<ACCEPTANCE-DATETIME>20251114060422
ACCESSION NUMBER:		0001104659-25-111754
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20251114
DATE AS OF CHANGE:		20251114

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:		251480838

	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>
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<TYPE>DEFA14A
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<P STYLE="margin: 0">&#160;</P>

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

<P STYLE="font: 10pt 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>

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<P STYLE="font: 14pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>FORM 8-K</B></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B><FONT STYLE="font-size: 10pt">Pursuant
to Section 13 or Section 15(d)</FONT></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Date of Report
(Date of earliest event reported)</B>: November 14, 2025</P>

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<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-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(Exact name of registrant as specified
in its charter)</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Ireland</B></FONT></TD>
    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>001-37977</B></FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>98-1341933</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(State or other jurisdiction</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(Commission</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(IRS Employer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">of incorporation)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">File Number)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Identification No.)</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 50%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>10
        Earlsfort Terrace</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Dublin 2</B>, <B>Ireland,</B><B> D02
T380</B></P></TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt; width: 50%; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&#160;</B></P>
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<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(Address of principal executive offices)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(Zip Code)</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Registrant&#8217;s telephone number, including
area code</B><FONT STYLE="font-style: normal">:</FONT> <B>+353 </B><B>1 901 5201</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Not Applicable</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Former name or former address,
if changed since last report)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation       to the registrant under any of the following provisions:</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD></TR>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">x</FONT></FONT></FONT></TD>
    <TD>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&#160;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Securities registered pursuant to Section
12(b) of the Act:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 1pt">&#160;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="text-align: left; vertical-align: bottom">
    <TD STYLE="border: Black 1pt solid; width: 40%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Title of each class</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 20%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Trading Symbol(s)</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 40%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Name of each exchange on which <BR>
registered</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Ordinary
Shares, nominal value $0.01 per share</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AVDL</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">The Nasdaq Global Market</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Emerging growth company <FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act. <FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</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>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item 8.01</B></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Other Events. </B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On November&#160;14, 2025, Avadel Pharmaceuticals plc, a public limited
company incorporated under the laws of Ireland (&#8220;Avadel&#8221;), issued a press release, a copy of which is attached hereto as Exhibit&#160;99.1
and is hereby incorporated into this Current Report on Form&#160;8-K by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item 9.01.</B></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibits</B></FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">(d)&#160;Exhibits</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 11%"><A HREF="tm2529228d9_ex99-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></A></TD>
    <TD STYLE="width: 1%">&#160;</TD>
    <TD STYLE="width: 88%"><A HREF="tm2529228d9_ex99-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Press release issued on November&#160;14, 2025 by Avadel Pharmaceuticals plc</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">104</FONT></TD>
    <TD>&#160;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cover page&#160;interactive data file (embedded within the Inline XBRL document).</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This report 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 by Alkermes plc (&#8220;Alkermes&#8221;) of all outstanding ordinary shares of Avadel (the &#8220;acquisition&#8221;)
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">&#160;</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 0">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the acquisition, Avadel filed
a preliminary proxy statement (which includes a draft of the scheme document) with the Securities and Exchange Commission (the &#8220;SEC&#8221;)
on November&#160;13, 2025 and intends to file a definitive proxy statement (which will include the scheme document). The definitive proxy
statement will be sent to Avadel&#8217;s shareholders as of the record date to be established for voting at Avadel shareholder meetings
to approve the acquisition. This report 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&#8217;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,&#160;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">&#160;</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 0">&#160;</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&#8217;s other public filings with the SEC, may be obtained without charge at the SEC&#8217;s website
at www.sec.gov and at Avadel&#8217;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">&#160;</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">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</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 to approve the acquisition. 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&#8217;s definitive proxy statement on Schedule 14A for its 2025 annual general meeting of shareholders, dated and
filed with the SEC on June&#160;18, 2025. Other information regarding the persons who may, under the rules&#160;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, are set forth in the preliminary proxy statement (which includes a draft of the scheme document) and will be set
forth in the definitive proxy statement (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">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</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 &#8220;anticipate,&#8221; &#8220;believe,&#8221; &#8220;intend,&#8221; &#8220;estimate,&#8221; &#8220;expect,&#8221; &#8220;seek,&#8221;
 &#8220;continue,&#8221; &#8220;could,&#8221; &#8220;can,&#8221; &#8220;may,&#8221; &#8220;will,&#8221; &#8220;likely,&#8221; &#8220;depend,&#8221;
 &#8220;should,&#8221; &#8220;would,&#8221; &#8220;plan,&#8221; &#8220;predict,&#8221; &#8220;target,&#8221; and similar expressions, and
may include references to assumptions and relate to Avadel&#8217;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&#8217;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&#8217; ability to satisfy the conditions to the consummation of the acquisition and
the other conditions set forth in the transaction agreement with Alkermes (the &#8220;transaction agreement&#8221;), and Avadel&#8217;s
business activities and strategies. Avadel&#8217;s expectations and beliefs regarding these matters may not materialize. In addition,
the unsolicited proposal from H. Lundbeck A/S (&#8220;Lundbeck&#8221;) may not result in a definitive agreement for an alternative business
combination transaction. 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)&#160;the
ability of the parties to consummate the acquisition in a timely manner or at all; (ii)&#160;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)&#160;the potential impact of the unsolicited proposal from Lundbeck or possibility that more competing offers may be made; (iv)&#160;potential
delays in consummating the acquisition; (v)&#160;the ability of Avadel to timely and successfully achieve the anticipated benefits of
the acquisition; (vi)&#160;the impact of health pandemics on the parties&#8217; respective businesses and the actions the parties may
take in response thereto; (vii)&#160;the occurrence of any event, change or other circumstance or condition that could give rise to the
termination of the transaction agreement; (viii)&#160;the effect of the announcement or pendency of the acquisition on Avadel&#8217;s
business relationships, operating results and business generally; (ix)&#160;costs related to the acquisition; and (x)&#160;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 &#8220;Risk Factors&#8221; and elsewhere in Avadel&#8217;s
most recent filings with the SEC, including its Annual Report on Form&#160;10-K for the year ended December&#160;31, 2024 and any subsequent
reports on Form&#160;10-Q or Form&#160;8-K filed with the SEC from time to time and available at www.sec.gov. These documents can be accessed
on Avadel&#8217;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">&#160;</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">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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">&#160;</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 report. 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 report 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">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Goldman Sachs&#160;&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 report and will not regard any other person as its client in relation to the matters set
out in this report and will not be responsible to anyone other than Avadel for providing the protections afforded to clients of Goldman
Sachs&#160;&amp; Co. LLC nor for providing advice in relation to the acquisition or any other matter referred to in this report. Neither
Goldman Sachs&#160;&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&#160;&amp; Co. LLC in connection with this report, any statement contained herein or
otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Morgan Stanley&#160;&amp; Co. LLC, acting through
its affiliate Morgan Stanley&#160;&amp; Co. International plc (together, &#8220;Morgan Stanley&#8221;), 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 report. 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">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the provisions of Rule&#160;8.3(a)&#160;of
the Irish Takeover Panel Act 1997, Takeover Rules, 2022 (&#8220;Irish Takeover Rules&#8221;), any person who is &#8216;interested&#8217;
(directly or indirectly) in 1% or more of any class of &#8216;relevant securities&#8217; of Avadel must make an &#8216;opening position
disclosure&#8217; following the commencement of the &#8216;offer period&#8217;. An &#8216;opening position disclosure&#8217; must contain
the details contained in Rule&#160;8.6(a)&#160;of the Irish Takeover Rules, including, among other things, details of the person&#8217;s
 &#8216;interests&#8217; and &#8216;short positions&#8217; in any &#8216;relevant securities&#8217; of Avadel. An &#8216;opening position
disclosure&#8217; by a person to whom Rule&#160;8.3(a)&#160;applies must be made by no later than 3:30 p.m.&#160;(U.S. Eastern Time) on
the day falling ten &#8216;business days&#8217; following the commencement of the &#8216;offer period&#8217;. Relevant persons who deal
in any &#8216;relevant securities&#8217; prior to the deadline for making an &#8216;opening position disclosure&#8217; must instead make
a &#8216;dealing&#8217; disclosure as described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the provisions of Rule&#160;8.3(b)&#160;of
the Irish Takeover Rules, if any person is, or becomes, &#8216;interested&#8217; (directly or indirectly) in 1% or more of any class of
 &#8216;relevant securities&#8217; of Avadel, that person must publicly disclose all &#8216;dealings&#8217; in any &#8216;relevant securities&#8217;
of Avadel during the &#8216;offer period&#8217;, by no later than 3:30 p.m.&#160;(U.S. Eastern Time) on the &#8216;business day&#8217;
following the date of the relevant transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If two or more persons cooperate on the basis
of any agreement either express or tacit, either oral or written, to acquire an &#8216;interest&#8217; in &#8216;relevant securities&#8217;
of Avadel or any securities exchange offeror, they will be deemed to be a single person for the purpose of Rule&#160;8.3 of the Irish
Takeover Rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</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 &#8216;opening position disclosure&#8217; by no later than 12:00 noon (U.S. Eastern Time) on the date falling ten &#8216;business
days&#8217; following the commencement of the &#8216;offer period&#8217; or the announcement that first identifies a securities exchange
offeror, as applicable, and disclose details of any &#8216;dealings&#8217; by it or any person &#8216;acting in concert&#8217; with it
in &#8216;relevant securities&#8217; during the &#8216;offer period&#8217;, by no later than 12:00 noon (U.S. Eastern Time) on the business
day following the date of the transaction (see Rules&#160;8.1, 8.2 and 8.4).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</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 &#8216;relevant securities&#8217; &#8216;opening position&#8217; and &#8216;dealings&#8217; should be disclosed can be found
on the Irish Takeover Panel&#8217;s website at www.irishtakeoverpanel.ie.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</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">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;Interests&#8221; 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 &#8216;interest&#8217; 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">&#160;</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&#8217;s website. If you are in any doubt as to whether or
not you are required to disclose an &#8216;opening position&#8217; or &#8216;dealing&#8217; under Rule&#160;8, please consult the Irish
Takeover Panel&#8217;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">&#160;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain capitalized words used in this report
and not herein defined have the meanings given to such words in the Rule&#160;2.7 Announcement dated October&#160;22, 2025 issued by Avadel
and Alkermes (the &#8220;Rule&#160;2.7 Announcement&#8221;). The bases and sources set out in the Rule&#160;2.7 Announcement have been
used in this report, unless otherwise stated or the context otherwise requires.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The release, publication or distribution of this
report 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 report 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 report (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">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>NO PROFIT FORECAST / QUANTIFIED FINANCIAL
BENEFIT STATEMENT / ASSET VALUATION</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No statement in this report 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. No statement in
this report constitutes an asset valuation.</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: November 14, 2025</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>AVADEL PHARMACEUTICALS PLC</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD COLSPAN="2">&#160;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Jerad G. Seurer</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&#160;</TD>
    <TD STYLE="width: 3%">&#160;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 42%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jerad G. Seurer</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">General Counsel &amp; Corporate Secretary</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

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

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<TYPE>EX-99.1
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<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.1</B></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF
ARTICLE&nbsp;7 OF THE MARKET ABUSE REGULATION (EU) 596/2014</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: justify">NOT FOR RELEASE, PUBLICATION
OR DISTRIBUTION IN WHOLE OR IN PART&nbsp;IN,&nbsp;INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT
LAWS OR REGULATIONS OF THAT 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; text-align: justify">THIS IS AN ANNOUNCEMENT FALLING UNDER RULE 2.4
OF THE IRISH TAKEOVER PANEL ACT, 1997, TAKEOVER RULES, 2022 (THE &ldquo;IRISH TAKEOVER RULES&rdquo;) AND IS NOT AN ANNOUNCEMENT OF A FIRM
INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE IRISH TAKEOVER RULES AND THERE CAN BE NO CERTAINTY THAT AN OFFER WILL BE MADE, NOR AS
TO THE TERMS ON WHICH ANY OFFER MIGHT BE MADE.</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">FOR IMMEDIATE RELEASE.</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>Avadel Receives Unsolicited Proposal from Lundbeck</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>Avadel Board of Directors Determines Proposal
From Lundbeck Reasonably Expected to Result in a &ldquo;Company Superior Proposal&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; text-align: justify">DUBLIN, November&nbsp;14, 2025 &ndash; Avadel
Pharmaceuticals plc (Nasdaq: AVDL) (&ldquo;Avadel&rdquo;) announced today that it has received an unsolicited proposal from H. Lundbeck
A/S (&ldquo;Lundbeck&rdquo;) to acquire Avadel for up to $23.00 per ordinary share, comprised of (i)&nbsp;$21.00 per ordinary share in
cash at closing and (ii)&nbsp;a non-transferable contingent value right (CVR) entitling holders to potential additional cash payments
of (a)&nbsp;$1.00 per ordinary share, contingent upon LUMRYZ&trade; and valiloxybate collectively reaching total annual net sales for
end-use in the United States of at least $450 million in any calendar year by December&nbsp;31, 2027 and (b)&nbsp;$1.00 per ordinary share,
contingent upon LUMRYZ&trade; and valiloxybate collectively reaching total annual net sales for end-use in the United States of at least
$700 million in any calendar year by December&nbsp;31, 2030 (the &ldquo;Lundbeck Proposal&rdquo;). The Lundbeck Proposal is subject to,
among other things, various closing conditions, including Avadel shareholder approval and regulatory approvals. Avadel&rsquo;s Board of
Directors has determined in good faith, after consultation with its financial and legal advisors, that the Lundbeck Proposal would reasonably
be expected to result in a &ldquo;Company Superior Proposal&rdquo; as defined in Avadel&rsquo;s existing transaction agreement with Alkermes
plc (Nasdaq: ALKS) (&ldquo;Alkermes&rdquo;).</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">As previously announced, on October&nbsp;22, 2025,
Avadel entered into a definitive transaction agreement with Alkermes, a global biopharmaceutical company that seeks to develop innovative
medicines in the field of neuroscience, under which Alkermes will acquire all outstanding ordinary shares of Avadel (the &ldquo;acquisition&rdquo;).
Under the terms of the transaction agreement, Avadel shareholders will receive a total purchase price of up to $20.00 per ordinary share,
consisting of $18.50 per ordinary share payable in cash at closing and a CVR of $1.50 per ordinary share, contingent upon final FDA approval
of LUMRYZ&trade;&nbsp;for the treatment of idiopathic hypersomnia in adults by the end of 2028.</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">Under the transaction agreement with Alkermes,
the Avadel Board&rsquo;s determination that the unsolicited Lundbeck Proposal would reasonably be expected to result in a Company Superior
Proposal at this time allows Avadel to provide information to and conduct discussions and negotiations with Lundbeck, but does not allow
Avadel to terminate its agreement with Alkermes or enter into any other agreement with Lundbeck. Avadel&rsquo;s Board has not determined
that the Lundbeck Proposal in fact constitutes a Company Superior Proposal under the existing transaction agreement with Alkermes and
has not changed its recommendation in support of the Alkermes acquisition at this time.</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">There can be no assurance that the discussions
with Lundbeck will result in a determination by Avadel&rsquo;s Board that the Lundbeck Proposal is a Company Superior Proposal.</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; text-align: justify">Avadel will have no further comment on the Lundbeck
Proposal until the Board has completed discussions and/or negotiations with Lundbeck.</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">In accordance with Rule&nbsp;2.6(d)&nbsp;of the
Irish Takeover Rules&nbsp;(as amended by section 3 of Appendix 4 thereto), unless the Irish Takeover Panel consents otherwise, Lundbeck
must, by no later than 5:00 p.m.&nbsp;(U.S. Eastern Time) on the seventh day prior to the date of the general meeting of Avadel shareholders
convened to consider and approve the proposed scheme of arrangement (under Chapter 1 of Part&nbsp;9 of the Companies Act 2014 of Ireland)
to effect the proposed acquisition by Alkermes, either (i)&nbsp;announce a firm intention to make an offer for Avadel in accordance with
Rule&nbsp;2.7 of the Irish Takeover Rules; or (ii)&nbsp;announce that it does not intend to make such an offer for Avadel, in which case
the announcement will be treated as a statement to which Rule&nbsp;2.8 of the Irish Takeover Rules&nbsp;applies.</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">Morgan Stanley and Goldman Sachs are serving as
financial advisors to Avadel, and Goodwin Procter LLP and Arthur Cox LLP are serving as legal counsel.</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 announcement has been made without the consent
of Lundbeck. The Lundbeck Proposal is deemed unsolicited since the issuance of the Rule&nbsp;2.7 Announcement (as defined herein). There
can be no certainty that an offer for Avadel will be made by Lundbeck, nor as to the terms on which any such offer may be made, if forthcoming.</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">No action by Avadel shareholders is required at
this time.</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>About Avadel</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: justify">Avadel Pharmaceuticals&nbsp;plc&nbsp;(Nasdaq:
AVDL) is a biopharmaceutical company focused on transforming medicines to transform lives. Avadel&rsquo;s approach includes applying
innovative solutions to the development of medications that address the challenges patients face with current treatment options. Avadel&rsquo;s
commercial product, LUMRYZ&trade;, was approved by the&nbsp;U.S. Food&nbsp;&amp; Drug Administration&nbsp;(FDA) as the first and only
once-at-bedtime oxybate for extended-release oral suspension for the treatment of cataplexy or excessive daytime sleepiness (EDS) in
patients 7 years and older with narcolepsy. For more information, please visit Avadel&rsquo;s website at&nbsp;<B><U>www.avadel.com</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>Contacts:</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 Investor Relations:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Austin Murtagh<BR>
Austin.Murtagh@precisionAQ.com<BR>
(212) 698-8696</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"><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; 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 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; 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 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B><I>Important
Additional Information and Where To Find It</I></B></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; text-align: justify">In connection with the acquisition, Avadel filed
a preliminary proxy statement (which includes a draft of the scheme document) with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;)
on November&nbsp;13, 2025 and intends to file a definitive proxy statement (which will include the scheme document). The definitive proxy
statement will be sent to Avadel&rsquo;s 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,&nbsp;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; 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 0">&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 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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; 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 to approve the acquisition. 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&nbsp;18, 2025. Other information regarding the persons who may, under the rules&nbsp;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, are set forth in the preliminary proxy statement (which includes a draft of the scheme document) and will be set
forth in the definitive proxy statement (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"></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"><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; text-align: justify">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;seek,&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. In addition, the unsolicited proposal from Lundbeck may not result in a definitive
agreement for an alternative business combination transaction. 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)&nbsp;the ability of the parties to consummate the acquisition in a timely manner or at all; (ii)&nbsp;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)&nbsp;the potential impact of the unsolicited proposal from Lundbeck or possibility that more
competing offers may be made; (iv)&nbsp;potential delays in consummating the acquisition; (v)&nbsp;the ability of Avadel to timely and
successfully achieve the anticipated benefits of the acquisition; (vi)&nbsp;the impact of health pandemics on the parties&rsquo; respective
businesses and the actions the parties may take in response thereto; (vii)&nbsp;the occurrence of any event, change or other circumstance
or condition that could give rise to the termination of the transaction agreement; (viii)&nbsp;the effect of the announcement or pendency
of the acquisition on Avadel&rsquo;s business relationships, operating results and business generally; (ix)&nbsp;costs related to the
acquisition; and (x)&nbsp;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&nbsp;10-K for the
year ended December&nbsp;31, 2024 and any subsequent reports on Form&nbsp;10-Q or Form&nbsp;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; text-align: justify"><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; 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 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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; text-align: justify">Goldman Sachs&nbsp;&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&nbsp;&amp; Co. LLC nor for providing advice in relation to the acquisition or any other matter referred to in this communication.
Neither Goldman Sachs&nbsp;&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&nbsp;&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"><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; text-align: justify">Morgan Stanley&nbsp;&amp; Co. LLC, acting through
its affiliate Morgan Stanley&nbsp;&amp; Co. International plc (together, &ldquo;Morgan Stanley&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; text-align: justify"><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; text-align: justify">Under the provisions of Rule&nbsp;8.3(a)&nbsp;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&nbsp;8.6(a)&nbsp;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&nbsp;8.3(a)&nbsp;applies must be made
by no later than 3:30 p.m.&nbsp;(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; text-align: justify">Under the provisions of Rule&nbsp;8.3(b)&nbsp;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 no later than 3:30 p.m.&nbsp;(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; text-align: justify">If two or more persons cooperate 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&nbsp;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; text-align: justify">In addition, each of Avadel and any offeror must
make an &lsquo;opening position disclosure&rsquo; by no later than 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&nbsp;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; 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 0">&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 0">&nbsp;</P>

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

<!-- Field: Page; Sequence: 5 -->
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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">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&nbsp;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; text-align: justify"><B><I>PUBLICATION ON WEBSITE</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; text-align: justify">In accordance with Rule&nbsp;26.1 of the Irish
Takeover Rules, a copy of this communication will be available on Avadel&rsquo;s website https://investors.avadel.com/transaction-overview
by no later than 12:00 noon (U.S. Eastern Time) on the business day following publication of this communication. The content of the website
referred to in this communication is not incorporated into, and does not form part of, this communication.</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"><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; text-align: justify">Certain capitalized words used in this communication
and not herein defined have the meanings given to such words in the Rule&nbsp;2.7 Announcement dated October&nbsp;22, 2025 issued by Avadel
and Alkermes (the &ldquo;Rule&nbsp;2.7 Announcement&rdquo;). The bases and sources set out in the Rule&nbsp;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; 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 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>NO PROFIT FORECAST / QUANTIFIED FINANCIAL
BENEFIT STATEMENT / ASSET VALUATION</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; 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.
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"></P>

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