Alkermes in $1.525 Billion of Term Loan Facilities

Cleary Gottlieb represented Alkermes plc (Alkermes) in $1.525 billion of term loan “A” and term loan “B” facilities agented by JPMorgan Chase Bank N.A.

The term loan facilities replace the bridge term loan facility Alkermes previously entered to finance its acquisition of Avadel Pharmaceuticals plc (Avadel). The transaction closed on February 12, 2026.

Alkermes is a global biopharmaceutical company that seeks to develop innovative medicines in the field of neuroscience. Alkermes has a portfolio of proprietary commercial products for the treatment of alcohol dependence, opioid dependence, schizophrenia, and bipolar I disorder. Alkermes is headquartered in Ireland and has a corporate office in Massachusetts and a research and development center in Ohio.

Avadel is a biopharmaceutical company focused on applying innovative solutions to the development of medications that address the challenges patients face with current treatment options. Avadel’s commercial product, LUMRYZ, was approved by the FDA as the first and only once-at-bedtime oxybate for extended-release oral suspension for the treatment of cataplexy or excessive daytime sleepiness (EDS) in patients seven years and older with narcolepsy.

The Cleary finance team included partner Amy Shapiro, counsel Catherine Grimm and Victor Chiu, and associates Eric Olson and Gi Jae (Daniel) Han. Partner Marcela Robledo and associates Natalie Curry and Francesca Huth advised on intellectual property matters. Partner Swift Edgar and associate Nathaniel Pribil advised on tax matters. Partner Samuel Chang and associate Ana Carolina Maloney advised on sanctions matters. Senior attorney James (Jim) Corsiglia advised on anti-corruption matters. Associate Ben Rosenblum and law clerk Nicholas (Niko) Gekakis advised on Investment Company Act matters.