We are advising Lazard as financial adviser to Adamas

Davis Polk is advising Lazard as financial adviser to Adamas Pharmaceuticals on its $450 million acquisition by Supernus Pharmaceuticals through a tender offer for $8.10 per share in cash payable at closing plus two non-tradable contingent value rights each worth $0.50 per share in cash payable upon achievement of certain milestones by the end of 2024 and 2025, respectively. The transaction, which has been approved by the boards of directors of both companies, is expected to close in late fourth quarter 2021 or in early first quarter 2022, subject to customary closing conditions, including receipt of required regulatory approvals and the tender of a majority of the outstanding shares of Adamas’ common stock.

Supernus Pharmaceuticals is a biopharmaceutical company focused on developing and commercializing products for the treatment of central nervous system (CNS) diseases. Adamas Pharmaceuticals delivers innovative medicines that reduce the burden of neurological diseases on patients, caregivers and society. Adamas is a fully integrated company focused on growing a portfolio of therapies to address a range of neurological diseases.

The Davis Polk corporate team includes partner Phillip R. Mills and associate Katey Peardon. All members of the Davis Polk team are based in the New York office.

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