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Form 8.3

27th Nov 2025 14:11

Ap27

FORM 8.3

IRISH TAKEOVER PANEL

OPENING POSITION DISCLOSURE/DEALING DISCLOSURE UNDER RULE 8.3 OF THE IRISH TAKEOVER PANEL ACT, 1997, TAKEOVER

RULES, 2022 BY PERSONS WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE

1. KEY INFORMATION

(a) Full name of discloser	Balyasny Asset Management L.P.
(b) Owner or controller of interests and short positions disclosed, if different from 1(a) The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.
(c) Name of offeror/offeree in relation to whose relevant securities this form relates Use a separate form for each offeror/offeree	Avadel Pharmaceuticals plc
(d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree (Note 1)
(e) Date position held/dealing undertaken For an opening position disclosure, state the latest practicable date prior to the disclosure	26/11/2025
(f) In addition to the company in 1(c) above, is the discloser also making disclosures in respect of any other party to the offer? If it is a cash offer or possible cash offer, state “N/A”	N/A

2. INTERESTS AND SHORT POSITIONS

If there are interests and short positions to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2 for each additional class of relevant security.

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Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

(Note 2)

Class of relevant security (Note 3)	$0.01 ordinary shares ISIN: IE00BDGMC594
	Interests		Short positions
	Number	%	Number	%
(1) Relevant securities owned and/or controlled	1,977,701	2.02
(2) Cash-settled derivatives
(3) Stock-settled derivatives (including options) and agreements to purchase/ sell
Total	1,977,701	2.02

All interests and all short positions should be disclosed.

Details of options including rights to subscribe for new securities and any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8.

3. DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE (Note 4)

Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

The currency of all prices and other monetary amounts should be stated.

(a) Purchases and sales

Class of relevant security	Purchase/sale	Number of securities	Price per unit (Note 5)
$ Common Stock	Purchase	4,673	USD 21.39
$ Common Stock	Purchase	49	USD 21.37
$ Common Stock	Purchase	23	USD 21.39
$ Common Stock	Purchase	136	USD 21.38
$ Common Stock	Purchase	411	USD 22.51
$ Common Stock	Purchase	3,205	USD 21.40
$ Common Stock	Sale	34	USD 21.57
$ Common Stock	Sale	450,000	USD 21.39
$ Common Stock	Sale	671,400	USD 21.40
$ Common Stock	Sale	700	USD 21.52
$ Common Stock	Sale	1,200	USD 21.38
$ Common Stock	Sale	1,100	USD 21.39
$ Common Stock	Sale	84	USD 21.36
$ Common Stock	Sale	800	USD 21.33
$ Common Stock	Sale	300	USD 21.36
$ Common Stock	Sale	240	USD 21.36
$ Common Stock	Sale	300	USD 21.39
$ Common Stock	Sale	700	USD 21.39
$ Common Stock	Sale	600	USD 21.39
$ Common Stock	Sale	180	USD 21.38
$ Common Stock	Sale	150	USD 21.40
$ Common Stock	Sale	111	USD 21.38
$ Common Stock	Sale	100	USD 21.37
$ Common Stock	Sale	105	USD 21.37
$ Common Stock	Sale	112	USD 21.37
$ Common Stock	Sale	3,797	USD 21.39
$ Common Stock	Sale	699	USD 21.37
$ Common Stock	Sale	1,495	USD 21.40
$ Common Stock	Sale	30	USD 22.92
$ Common Stock	Sale	700	USD 21.39
$ Common Stock	Sale	150,000	USD 21.38
$ Common Stock	Sale	900	USD 21.38
$ Common Stock	Sale	700	USD 21.39
$ Common Stock	Sale	342	USD 21.37
$ Common Stock	Sale	39	USD 22.87
$ Common Stock	Sale	37,028	USD 21.38
$ Common Stock	Sale	236	USD 21.39
$ Common Stock	Sale	102	USD 21.40
$ Common Stock	Sale	18	USD 21.38
$ Common Stock	Sale	53,267	USD 21.38
$ Common Stock	Sale	99	USD 21.40
$ Common Stock	Sale	104	USD 21.39
$ Common Stock	Sale	100	USD 22.87
$ Common Stock	Sale	33	USD 22.87
$ Common Stock	Sale	109	USD 22.86
$ Common Stock	Sale	100	USD 21.42
$ Common Stock	Sale	300,000	USD 21.37
$ Common Stock	Sale	2,809	USD 21.37
$ Common Stock	Sale	2,400	USD 21.39
$ Common Stock	Sale	800	USD 21.40
$ Common Stock	Sale	1,627	USD 21.38
$ Common Stock	Sale	700	USD 21.39
$ Common Stock	Sale	200	USD 21.37
$ Common Stock	Sale	100	USD 21.37
$ Common Stock	Sale	1,200	USD 21.38
$ Common Stock	Sale	100	USD 22.87
$ Common Stock	Sale	228	USD 22.86
$ Common Stock	Sale	4	USD 22.86
$ Common Stock	Sale	107	USD 22.86
$ Common Stock	Sale	100	USD 22.86
$ Common Stock	Sale	246	USD 21.39
$ Common Stock	Sale	185	USD 21.39
$ Common Stock	Sale	100	USD 22.94
$ Common Stock	Sale	100	USD 22.90
$ Common Stock	Sale	357	USD 21.36
$ Common Stock	Sale	400	USD 21.37
$ Common Stock	Sale	886	USD 21.40
$ Common Stock	Sale	197	USD 21.38
$ Common Stock	Sale	101	USD 21.40
$ Common Stock	Sale	88	USD 21.37
$ Common Stock	Sale	52,736	USD 21.53
$ Common Stock	Sale	1,500	USD 21.37
$ Common Stock	Sale	1,520	USD 21.38
$ Common Stock	Sale	1,449	USD 21.38
$ Common Stock	Sale	900	USD 21.39
$ Common Stock	Sale	1,000	USD 21.39
$ Common Stock	Sale	45	USD 21.39
$ Common Stock	Sale	315	USD 21.38
$ Common Stock	Sale	342	USD 21.38
$ Common Stock	Sale	44	USD 21.40
$ Common Stock	Sale	23	USD 21.37
$ Common Stock	Sale	52	USD 21.38
$ Common Stock	Sale	533	USD 21.37

Ap29

(b) Cash-settled derivative transactions

Class ofrelevantsecurity	Product description e.g. CFD	Nature of dealing e.g. opening/ closing a long/ short position, increasing/ reducing a long/ short position	Number of reference securities (Note 6)	Price per unit (Note 5)

(c) Stock-settled derivative transactions (including options)

(i) Writing, selling, purchasing or varying

Class of relevant security	Product description e.g. call option	Writing, purchasing, selling, varying etc.	Number of securities to which option relates (Note 6)	Exercise price per unit	Type e.g. American, Europeanetc.	Expiry date	Option moneypaid/ received per unit

(ii) Exercise

Class of relevant security	Product description e.g. call option	Exercising/ exercised against	Number of securities	Exercise price per unit (Note 5)

(d) Other dealings (including transactions in respect of new securities) (Note 3)

Class of relevant security

Nature of dealing e.g. subscription, conversion, exercise

Details

Price per unit (if applicable) (Note 5)

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4. OTHER INFORMATION

(a) Indemnity and other dealing arrangements

Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer.

Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”

(b) Agreements, arrangements or understandings relating to options or derivatives

Full details of any agreement, arrangement or understanding between the person disclosing and any other person relating to the voting rights of any relevant securities under any option referred to on this form or relating to the voting rights or future acquisition or disposal of any relevant securities to which any derivative referred to on this form is referenced. If none, this should be stated.

(c) Attachments

Is a Supplemental Form 8 attached?

Date of disclosure	27/11/2025
Contact name	Jack Satt
Telephone number	+44 208 164 3693

Public disclosures under Rule 8.3 of the Rules must be made to a Regulatory Information Service.

Ap31

NOTES ON FORM 8.3

1. See the definition of “connected fund manager” in Rule 2.2 of Part A of the Rules.

2. See the definition of “interest in a relevant security” in Rule 2.5 of Part A of the Rules and see Rule 8.6(a) and (b) of Part B of the Rules.

3. See the definition of “relevant securities” in Rule 2.1 of Part A of the Rules.

4. See the definition of “dealing” in Rule 2.1 of Part A of the Rules.

5. If the economic exposure to changes in the price of securities is limited, for example, by virtue of a stop loss arrangement relating to a spread bet, full details must be given.

6. See Rule 2.5(d) of Part A of the Rules.

7. If details included in a disclosure under Rule 8 are incorrect, they should be corrected as soon as practicable in a subsequent disclosure. Such disclosure should state clearly that it corrects details disclosed previously, identify the disclosure or disclosures being corrected, and provide sufficient detail for the reader to understand the nature of the corrections. In the case of any doubt, the Panel should be consulted.

For full details of disclosure requirements, see Rule 8 of the Rules. If in doubt, consult the Panel.

References in these notes to “the Rules” are to the Irish Takeover Panel Act, 1997, Takeover Rules, 2022.

View source version on businesswire.com: https://www.businesswire.com/news/home/20251127472600/en/

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