Flamel Technologies Completes Cross-Border Merger & Becomes Avadel Pharmaceuticals
Flamel Technologies SA, completed its previously announced cross-border merger with and into its wholly owned Irish subsidiary, Avadel Pharmaceuticals plc, effective January 1, 2017, with Avadel surviving the merger as the public holding company. As a result of the merger, all of Flamel’s outstanding ordinary and American Depository Shares (ADSs) were canceled and exchanged on a one-for-one basis for Avadel ordinary shares and ADSs, respectively. Avadel ADSs will begin trading on the NASDAQ Global Market under trading symbol AVDL.
“We are excited to enter 2017 as Avadel. The completion of the cross-border merger from France to Ireland serves as a way to unify our subsidiaries under a shared corporate identity, and provides the company with a new set of corporate governance policies that will allow us greater flexibility as we continue to grow our business and commercialize products. Our new name, Avadel, which stands for advanced delivery, was born out of our company’s strong history in drug delivery and serves as a constant reminder of a key piece of our company’s growth strategy – to develop differentiated pharmaceutical products utilizing our proprietary and innovative technologies. We are excited to begin 2017 with a new name, an ongoing Phase III trial, and a strong financial position,” said Michael Anderson, Avadel’s Chief Executive Officer.
Avadel Pharmaceuticals plc is a specialty pharmaceutical company that seeks to develop differentiated pharmaceutical products that are safe, effective, and easy to take through formulation development, by utilizing its proprietary drug delivery technology and in-licensing/acquiring new products; ultimately, helping patients adhere to their prescribed medical treatment and see better results. Avadel currently markets products in the hospital and primary care spaces. The company is headquartered in Dublin, Ireland, with operations in St. Louis, MO, and Lyon, France. For more information, visit www.avadel.com.
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