Flamel Technologies S.A. (FLML)

Flamel Technologies was a French drug delivery company based near Lyon. It developed technologies that control how a medicine is released in the body, such as its Micropump platform for extended-release oral drugs. Flamel licensed these technologies to larger drug companies and also built its own products. Its American depositary shares traded on NASDAQ under the symbol FLML.

Founded in 1990, Flamel spent much of its history as a technology licensor. In the 2010s it shifted toward selling its own hospital products in the U.S., including several unapproved legacy injectable drugs that it brought through FDA approval. That move gave it a growing revenue base. The company also began developing a once-nightly formulation of sodium oxybate for narcolepsy.

In January 2017 Flamel completed a corporate reorganization that moved its parent company to Ireland and renamed it Avadel Pharmaceuticals, trading under the ticker AVDL. Avadel later sold its hospital products and focused on its sleep medicine program. The FDA approved LUMRYZ, its once-at-bedtime sodium oxybate for narcolepsy, in May 2023. Sales of LUMRYZ became the company's main source of revenue.

In late 2025 Alkermes agreed to buy Avadel and raised its offer after a competing bid from Lundbeck. The final terms were $21.00 per share in cash plus a contingent value right paying up to $1.50 if LUMRYZ wins FDA approval for idiopathic hypersomnia by the end of 2028. The deal closed on February 12, 2026, valuing Avadel at up to about $2.37 billion. Avadel shares stopped trading on NASDAQ that day.