Alk­er­mes will buy Avadel Phar­ma­ceu­ti­cals in a deal worth up to $2.1 bil­lion, giv­ing it a day­time sleepi­ness drug that’s ex­pect­ed to rake in as much as $275 mil­lion this year.

Alk­er­mes has agreed to pay $18.50 per share and will tack on an ad­di­tion­al $1.50 per share if nar­colep­sy drug Lum­ryz is ap­proved for id­io­path­ic hy­per­som­nia in adults by the end of 2028, ac­cord­ing to Wednes­day’s an­nounce­ment. The deal is ex­pect­ed to close in the first quar­ter of 2026.

Lum­ryz is Avadel's top as­set. First ap­proved in May 2023 for adults with nar­colep­sy, the la­bel has since been ex­pand­ed to in­clude kids as young as 7 years old. And rev­enue has quick­ly fol­lowed.

Ther­mo Fish­er Sci­en­tif­ic and Dana­her say their tool and equip­ment busi­ness­es will prof­it as drug­mak­ers con­tin­ue to on­shore their man­u­fac­tur­ing to the US un­der the threat of tar­iffs.

Ear­li­er this year, an­a­lysts warned that tool and pack­ag­ing man­u­fac­tur­ers, like Dana­her, could be hit hard by Pres­i­dent Don­ald Trump’s tar­iffs. But as drug­mak­ers break ground on new fa­cil­i­ties to stave off a po­ten­tial phar­ma-spe­cif­ic levy, their need for new equip­ment will in­crease.

“It'll ben­e­fit our bio pro­duc­tion busi­ness and an­a­lyt­i­cal in­stru­ments. Busi­ness­es will all ben­e­fit from those new con­struc­tions,” Ther­mo Fish­er CEO Marc Casper said dur­ing the com­pa­ny’s 2025 third-quar­ter earn­ings call on Wednes­day.

Yet, both Dana­her and Ther­mo Fish­er not­ed equip­ment or­ders will take time to im­pact their rev­enues. It takes a cou­ple of years to build a new fa­cil­i­ty or ex­pand an ex­ist­ing one, so it “takes some time to ges­tate,” Casper said.

Pfiz­er, No­var­tis, Am­gen, Eli Lil­ly and John­son & John­son — typ­i­cal­ly the top con­gres­sion­al lob­by­ing spenders among the ma­jor bio­phar­ma com­pa­nies — gen­er­al­ly spent more in the third quar­ter of this year than a year ago, ac­cord­ing to da­ta dis­closed by the com­pa­nies over the past week.

The uptick in spend­ing is yet an­oth­er sign that the in­dus­try, which has been heav­i­ly en­gaged with the White House over its "most fa­vored na­tion" plan, is lob­by­ing hard­er in the Trump era, par­tic­u­lar­ly when tar­iffs and drug pric­ing re­forms are on the ta­ble.

In many cas­es, how­ev­er, third-quar­ter lob­by­ing spend­ing was less than at the be­gin­ning of the year.

An am­bi­tious at­tempt to re­store the crit­i­cal pro­tein that is bro­ken or miss­ing in peo­ple with cys­tic fi­bro­sis has yield­ed mixed r