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.
Flamel, now Avadel, is currently conducting the REST-ON clinical trial to test a once-nightly sodium oxybate treatment for narcolepsy.
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 began trading on the NASDAQ Global Market under trading symbol “AVDL” on January 3, 2017.
Michael Anderson, Avadel’s CEO, says in a release, “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.”