(Reuters) -Alkermes said on Wednesday it has sweetened its offer to buy Avadel Pharmaceuticals, beating a rival bid from Denmark’s Lundbeck and valuing the sleep disorder drugmaker at up to $2.37 billion.

The revised bid from Alkermes includes $21 per share in cash and a contingent value right of $1.50 per share, payable if the U.S. Food and Drug Administration approves Avadel’s sleep disorder drug Lumryz for idiopathic hypersomnia by the end of 2028.

In October, Alkermes had agreed to buy Avadel in a deal worth up to $2.1 billion, offering $18.50 per share in cash and a contingent payment of $1.50 per share linked to regulatory approval of Lumryz.

The sweetened offer comes after Lundbeck’s proposal of up to $23 per share, which included $21 in cash and up to $2 in milestone-based payme

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