Since launching LUMRYZ in 2023, Avadel built and scaled a commercial organization that drove strong demand, with an estimated market of over 50,000 oxybate-eligible narcolepsy patients in the United States. Avadel's pipeline includes valiloxybate, an in-licensed salt-free, once-at-bedtime oxybate candidate in phase 1 clinical development.
Cyborg Score Rationale
Avadel was successfully acquired by Alkermes on February 12, 2026, and ceased trading on Nasdaq. The company is no longer publicly traded, making performance metrics and future outlook subject to Alkermes' integration and strategy.
Top Insights
Company delisted from Nasdaq on February 11, 2026 - no longer publicly traded
LUMRYZ generated strong commercial traction since 2023 launch with >50K addressable narcolepsy patients
Acquisition by Alkermes valued at $2.37 billion ($22.50 per share with $1.50 contingent value right)
Expanding pipeline with Phase 3 idiopathic hypersomnia trial (REVITALYZ) expected to yield data Q2 2026
Named Competitors
Xyrem — Immediate-release sodium oxybate for narcolepsy and idiopathic hypersomnia
Sunosi — Wakefulness-promoting agent for sleep disorders
Wakix — Pitolisant for narcolepsy with cataplexy
Recent Developments
(February 2026) Alkermes completed acquisition; Avadel delisted from Nasdaq
(January 2026) Avadel shareholders approved acquisition with 97.41% support at scheme meeting
(December 2025) Patient enrollment completed in REVITALYZ Phase 3 trial for idiopathic hypersomnia
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