(Il Sole 24 Ore Radiocor) - Milano, 14 nov - Ireland-based Avadel Pharmaceuticals said it has received an unsolicited bid worth up to 2.25 billion dollars from Danish drugmaker H.

Lundbeck that could potentially derail an offer already on the table for Avadel to be acquired by the biopharmaceutical company Alkermes.

Avadel said its board has determined that H. Lundbeck's proposal, which includes 21 dollars per share in cash and contingent value rights for up to an additional 2 dollars, would reasonably be expected to result in a superior proposal from that proposed by Alkermes. The Alkermes bid includes 18.50 dollars a share in cash and CVRs potentially worth up to a further 1.50 dollars per share in October.

Avadel said the board's determination allows it to hold talks with H. Lundbeck, but that its deal with Alkermes currently.

remains in effect.

(RADIOCOR) 14-11-25 13:09:16 (0340) 5 NNNN