Alkermes is a Dublin-based biopharmaceutical company offering a range of products that address mental health illnesses. The company recently announced plans to acquire Avadel Pharmaceuticals, the producer of sleep drug Lumryz (used to treat narcolepsy) for up to $2.1 billion in cash. The acquisition comes at a time of a global rise in M&A deals associated with loosening legal barriers and reducing interest rates. This announcement has garnered both applause, as many look to the strategic benefits and potential synergies, and criticism, as many worry that Alkermes is paying too much of a premium for a gamble. 

This acquisition directly complements Alkermes’s existing therapeutic drugs for schizophrenia and bipolar disorders by adding a product treating another mental illness, particularly one that is often overlooked by neurological medicine and instead left to be treated by physiological medication.