Avadel Pharmaceuticals Announces Pricing of Public Offering

DUBLIN, Ireland, April 28, 2020 (GLOBE NEWSWIRE) -- Avadel Pharmaceuticals plc (Nasdaq: AVDL), a company focused on developing FT218, an investigational, once-nightly formulation of sodium oxybate for treating excessive daytime sleepiness and cataplexy in patients with narcolepsy, announced today the pricing of an underwritten public offering of 11,630,000 ordinary shares, in the form of American Depositary Shares (“ADSs”) at a price to the public of $10.75 per ADS. Each ADS represents the right to receive one ordinary share. All of the ADSs are being offered by Avadel. The gross proceeds to Avadel from the offering are expected to be approximately $125.0 million, before deducting underwriting discounts and commissions and estimated offering expenses.

In connection with the public offering, Avadel has granted the underwriters a 30-day option to purchase up to an additional 1,744,500 ADSs at the public offering price less the underwriting discounts and commissions. The closing of the offering is expected to occur on May 1, 2020, subject to customary closing conditions.

Jefferies LLC, Piper Sandler & Co. and Stifel, Nicolaus & Company, Incorporated are acting as the joint book-running managers for the offering. H.C. Wainwright & Co., LLC is acting as the lead manager and Ladenburg Thalmann & Co. Inc. and Craig-Hallum Capital Group LLC are acting as co-managers for the offering.

The securities are being offered pursuant to an effective shelf registration statement that was previously filed with, and declared effective by, the U.S. Securities and Exchange Commission (“SEC”) (File No. 333-236258). A preliminary prospectus supplement dated April 27, 2020 relating to and describing the terms of the offering was filed with the SEC. The final prospectus supplement relating to the offering will be available on the SEC’s website at www.sec.gov. Copies of the preliminary prospectus supplement and the accompanying prospectus and the final prospectus supplement, when available, can also be obtained for free from Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, New York 10022; by phone at 877-821-7388; or by email at [e-mail], Piper Sandler & Co., Attention Prospectus Department, 800 Nicollet Mall, J12S03, Minneapolis, Minnesota 55402; by phone at 800-747-3924; or by email at [e-mail], or Stifel, Nicolaus & Company, Incorporated, Attention: Syndicate, One Montgomery Street, Suite 3700, San Francisco, California 94104, by telephone at 415-364-2720 or by email at [e-mail].