<SEC-DOCUMENT>0001104659-25-112933.txt : 20251117
<SEC-HEADER>0001104659-25-112933.hdr.sgml : 20251117
<ACCEPTANCE-DATETIME>20251117065730
ACCESSION NUMBER:		0001104659-25-112933
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20251117
DATE AS OF CHANGE:		20251117

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:		251489282

	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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<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>

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

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

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

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    <TD STYLE="font-size: 10pt; width: 96%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Preliminary Proxy Statement</FONT></TD></TR>
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    <TD STYLE="font-size: 10pt; width: 96%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Confidential, for Use of the Commission Only (as permitted by Rule&nbsp;14a-6(e)(2))</B></FONT></TD></TR>
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    <TD STYLE="width: 96%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Definitive Proxy Statement</FONT></TD></TR>
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    <TD STYLE="width: 96%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Definitive Additional Materials</FONT></TD></TR>
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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: 0pt 0; text-align: center"><B>(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"><B>(Name of Person(s)&nbsp;Filing Proxy Statement,
if other than the Registrant)</B></P>

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

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    <TD STYLE="width: 96%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">No fee required.</FONT></TD></TR>
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    <TD STYLE="font-size: 10pt; width: 96%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Fee paid previously with preliminary materials.</FONT></TD></TR>
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    <TD STYLE="width: 96%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Fee computed by table in exhibit required by Item 25(b)&nbsp;per Exchange Act Rules&nbsp;14a-6(i)(1)&nbsp;and 0-11.</FONT></TD></TR>
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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>On November 17, 2025, Greg Divis, Chief Executive Officer of Avadel
Pharmaceuticals plc, circulated the below e-mail to all employees of Avadel Pharmaceuticals plc:</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>SUBJECT:&nbsp;Important Company Update</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>BODY:</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">As you know, on November 13, 2025, H. Lundbeck A/S (&ldquo;Lundbeck&rdquo;)
made an unsolicited proposal to acquire Avadel Pharmaceuticals plc for up to $23.00 per ordinary share. As we announced on November 14,
2025, the Avadel Board of Directors reviewed the Lundbeck proposal and determined that it was reasonably expected to result in a &ldquo;Company
Superior Proposal&rdquo; as defined in our transaction agreement with Alkermes. That determination allowed Avadel to conduct discussions
and negotiations with Lundbeck on the terms of its proposal under the terms of our transaction agreement with Alkermes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Following such discussions and negotiations with Lundbeck, and after
consultation with our financial and legal advisors, the Avadel Board has determined that the Lundbeck proposal constitutes a Company Superior
Proposal. Under the terms of the proposal, Lundbeck proposes to acquire Avadel for up to $23.00 per ordinary share, comprised of (i) $21.00
per ordinary share in cash at closing and (ii) a non-transferable contingent value right (CVR) entitling holders to potential additional
cash payments of (a) $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 31, 2027 and (b) $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 31, 2030.</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 have notified Alkermes of the Board&rsquo;s determination that the
Lundbeck proposal is a Company Superior Proposal. Under the terms of our transaction agreement with Alkermes, this notice triggered a
five business day period during which, if requested by Alkermes, Avadel will discuss or negotiate in good faith with Alkermes regarding
any proposal by Alkermes to amend the terms of the Alkermes transaction agreement so that the Lundbeck proposal would cease to constitute
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">At this time, Avadel&rsquo;s Board has not changed its recommendation
in support of the acquisition by Alkermes and the Alkermes transaction agreement remains in full effect.</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 recognize that these developments will lead to questions. However,
there is little additional information I can share with you at this time, and we do not expect to comment publicly until the Board has
completed discussions and/or negotiations with Alkermes during the matching period.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">While these discussions are ongoing, it continues to be business as
usual for all of us at Avadel. The most important thing we can all do is execute our priorities as we always have and continue to demonstrate
the strength of the Avadel team and our capabilities.</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 expect the attention Avadel has been receiving from external parties
will continue, and it is important for us to speak with one voice. Consistent with company policy, please do not respond to any inquiries
received from members of the media, investment community or other interested parties, and instead forward them to 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">Moving forward, we will continue to keep you updated as appropriate.
I want to thank you again for your continued hard work and commitment to Avadel and the patients we serve every day.</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">Best regards,</P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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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<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"><B><I>PARTICIPANTS IN THE SOLICITATION</I></B></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">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 18, 2025. Other information regarding the persons who may, under the rules of the SEC, be deemed to be participants
in the solicitation of Avadel shareholders, including a description of their direct or indirect interests, by security holdings or otherwise,
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; text-align: justify">&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; text-align: justify">&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) the ability of the parties to consummate the acquisition in a timely manner or at all; (ii) the satisfaction
(or waiver) of conditions to the consummation of the acquisition, including with respect to the approval of Avadel shareholders and required
regulatory approvals; (iii) the potential impact of the unsolicited proposal from Lundbeck or possibility that more competing offers may
be made; (iv) potential delays in consummating the acquisition; (v) the ability of Avadel to timely and successfully achieve the anticipated
benefits of the acquisition; (vi) the impact of health pandemics on the parties&rsquo; respective businesses and the actions the parties
may take in response thereto; (vii) the occurrence of any event, change or other circumstance or condition that could give rise to the
termination of the transaction agreement; (viii) the effect of the announcement or pendency of the acquisition on Avadel&rsquo;s business
relationships, operating results and business generally; (ix) costs related to the acquisition; and (x) the outcome of any legal proceedings
that may be instituted against the parties or any of their respective directors or officers related to the transaction agreement or the
acquisition. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated
by the forward-looking statements are included under the caption &ldquo;Risk Factors&rdquo; and elsewhere in Avadel&rsquo;s most recent
filings with the SEC, including its Annual Report on Form 10-K for the year ended December 31, 2024 and any subsequent reports on Form
10-Q or Form 8-K filed with the SEC from time to time and available at www.sec.gov. These documents can be accessed on Avadel&rsquo;s
website at https://investors.avadel.com/sec-filings. The forward-looking statements set out in this report are made only as of the date
hereof. Avadel assumes no obligation and does not intend to update these forward- looking statements, except as required by law.</P>

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

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<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; text-align: justify">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the provisions of Rule 8.3(a) of the Irish
Takeover Panel Act 1997, Takeover Rules, 2022 (&ldquo;Irish Takeover Rules&rdquo;), any person who is &lsquo;interested&rsquo; (directly
or indirectly) in 1% or more of any class of &lsquo;relevant securities&rsquo; of Avadel must make an &lsquo;opening position disclosure&rsquo;
following the commencement of the &lsquo;offer period&rsquo;. An &lsquo;opening position disclosure&rsquo; must contain the details contained
in Rule 8.6(a) of the Irish Takeover Rules, including, among other things, details of the person&rsquo;s &lsquo;interests&rsquo; and &lsquo;short
positions&rsquo; in any &lsquo;relevant securities&rsquo; of Avadel. An &lsquo;opening position disclosure&rsquo; by a person to whom
Rule 8.3(a) applies must be made by no later than 3:30 p.m. (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; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the provisions of Rule 8.3(b) of the Irish
Takeover Rules, if any person is, or becomes, &lsquo;interested&rsquo; (directly or indirectly) in 1% or more of any class of &lsquo;relevant
securities&rsquo; of Avadel, that person must publicly disclose all &lsquo;dealings&rsquo; in any &lsquo;relevant securities&rsquo; of
Avadel during the &lsquo;offer period&rsquo;, by no 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; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If two or more persons 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 8.3 of the Irish Takeover
Rules.</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">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 8.1, 8.2 and 8.4).</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">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; text-align: justify">&nbsp;</P>

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

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

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

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

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

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

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

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<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; text-align: justify">&nbsp;</P>

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