ASL Strategic Value Fund targets Avadel board over Lumryz drug mismanagement, WSJ reports
The fund, which holds shares worth about $15 million in Avadel, plans to publish an open letter arguing that the mismanagement in the launch of the drug called Lumryz resulted in the company missing out on hundreds of millions of dollars in revenue, the report said, citing a copy of the letter.
The investment firm also reiterated a call to the Ireland-based drugmaker to hire an investment bank and explore alternatives including a sale, the report added.
Reuters could not independently establish the veracity of the report. Avadel and ASL did not immediately respond to Reuters' requests for comment.
Last year, the U.S. Food and Drug Administration approved Lumryz for children aged 7 years and older who presented with sudden muscle weakness, called cataplexy, or excessive daytime sleepiness, both symptoms of the sleep disorder called narcolepsy.
Narcolepsy is a chronic neurological disorder that impacts the brain's ability to regulate sleep and wake cycles, with 70% of patients also experiencing cataplexy.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Independent
11 minutes ago
- The Independent
Utility to buy power from advanced nuclear plant to fuel Tennessee and Alabama Google data centers
The nation's largest public utility plans to buy power from an upcoming advanced nuclear plant to help fuel Google data centers in Tennessee and Alabama, according to a deal announced Monday. The Tennessee Valley Authority, California-based Kairos Power and Google say the agreement will deliver up to 50 megawatts of energy to the federal utility's grid that powers the data centers. The announcement comes at a time when tech companies expect to require a massive amount of power to fuel data centers behind artificial intelligence, and some of them have been especially interested in new nuclear production. President Donald Trump released a plan last month to boost AI and build data centers across the U.S. and in May signed executive orders aimed at boosting nuclear power. TVA says it is the first U.S. utility to sign a power purchase agreement to buy electricity from a next-generation nuclear reactor. It would rely on the Hermes 2 reactor in Oak Ridge, Tennessee, which is scheduled to begin operations in 2030. The agreement will power data centers in Montgomery County, Tennessee, and Jackson County, Alabama, and support future growth in the region, the news release said. Google will receive clean energy credits associated with the plant. 'This collaboration with TVA, Kairos Power, and the Oak Ridge community will accelerate the deployment of innovative nuclear technologies and help support the needs of our growing digital economy while also bringing firm carbon-free energy to the electricity system,' Amanda Peterson Corio, Google's global head of data center energy, said in the news release. Hermes 2 is the first reactor under a deal between Kairos Power and Google to bring on 500 megawatts of new, advanced nuclear power production to help cover the tech giant's increased demand for electricity. The new kind of nuclear reactor uses fluoride salt-cooled, high-temperature reactor technology. It uses molten salt as a coolant. Another test version of the plant in Oak Ridge, named Hermes, does not produce electricity. The Hermes 2 plant received a construction permit from the Nuclear Regulatory Commission in November. The plant still has more steps to complete, including an application for an operating license from the Nuclear Regulatory Commission. Many next-generation reactors, including Kairos' Hermes 2, will use high-assay low-enriched uranium. The fuel is enriched to a higher level than traditional large nuclear reactors use, allowing the newer reactors to run longer and more efficiently, sit on smaller footprints and produce less waste, according to the Department of Energy. There's little of it made in the United States right now. But companies are investing to ramp up production, including in Oak Ridge. The Tennessee Valley Authority powers 10 million people across seven southern states.
The Independent
11 minutes ago
- The Independent
Unlimited pasta is coming back to Olive Garden: Here is the skinny on when you can get it
Unlimited pasta is coming back to Olive Garden but only the most loyal customers will be offered the promotion early. Olive Garden's 'Never Ending Pasta Bowl' made its debut in the mid-1990s and has returned to the menu periodically throughout the years. For $13.99 customers can get unlimited pasta and breadsticks plus their choice of endless soup or salad. But Olive Garden did write on X that the price can vary depending on your restaurant's location. Olive Garden fans will see some of their favorite pasta and sauce combos, but there is also a new spicy three-meat sauce. The Italian restaurant chain describes its new sauce as 'a flavorful blend of chili flakes, cherry peppers, red bell pepper, pepperoni, red wine, garlic and herbs and homemade meat sauce.' Customers may choose to pair the sauce with fettuccine, spaghetti, angel hair or rigatoni pasta. If you are looking for a sauce with less heat, you can also pick from Olive Garden's Alfredo, five cheese marinara, traditional marinara, creamy mushroom or meat sauces. The promotion will be available to all customers from August 25 to November 16. But if you are signed up to Olive Garden's free membership program, called eClub, you can get the deal starting Monday. Olive Garden has not changed the price of its unlimited pasta deal since 2022, despite inflation rising. 'In a time when prices seem to rise with every season, Olive Garden is keeping the price of its most beloved offer exactly the same,' the restaurant chain said in a press release. Inflation slightly increased by 0.2 percent in July and by 2.7 percent over the past year, according to a recent Consumer Price Index report from the Bureau of Labor Statistics. Food inflation did not change last month. Olive Garden increased sales by 6.9 percent last fiscal quarter, Darden Restaurants, its parent company, reported in June. "We had a strong quarter with same-restaurant sales and earnings growth that exceeded our expectations," said Rick Cardenas, Darden President and CEO. 'Our adherence to our winning strategy, anchored in our four competitive advantages and being brilliant with the basics, led to a successful year.' Darden also owns LongHorn Steakhouse and other restaurants. Fans shared their excitement about the return of Olive Garden's 'Never Ending Pasta Bowl' on social media. 'Holy smokes that is literally a deal!! Coming thru next Monday!' one person wrote on X. Another wrote: 'See me there every day until it's gone thank you.'
The Independent
11 minutes ago
- The Independent
Customer favorite to make comeback at Olive Garden
Olive Garden is reintroducing its popular "Never Ending Pasta Bowl" promotion, offering unlimited pasta, breadsticks, and a choice of endless soup or salad. The deal is priced at $13.99, with potential variations by location, and the price has remained consistent since 2022 despite inflation. The promotion will be available to all customers from 25 August to 16 November, with members of Olive Garden's eClub receiving early access starting Monday. A new spicy three-meat sauce has been added to the menu options, alongside existing sauces and various pasta choices. The return of the unlimited pasta deal has been met with excitement on social media, following a strong sales quarter for Olive Garden and its parent company, Darden Restaurants.
