Insider filing report for Changes in Beneficial Ownership
- Schedule 13G & 13D forms are used to report a party's ownership of stock which exceeds 5% of a company's total stock issue.
- Schedule 13G is a shorter version of Schedule 13D with fewer reporting requirements.
- Peter Lynch
What is insider trading>>
| SECURITIES AND EXCHANGE COMMISSION | |
| Washington, D.C. 20549 | |
|
| |
| SCHEDULE 13G/A | |
|
| |
| Under the Securities Exchange Act of 1934 | |
| (Amendment No. 5)* | |
|
Avadel Pharmaceuticals PLC | |
| (Name of Issuer) | |
|
Ordinary Shares, nominal value $0.01 per share | |
| (Title of Class of Securities) | |
|
05337M104** | |
| (CUSIP Number) | |
|
December 31, 2023 | |
| (Date of event which requires filing of this statement) | |
| Check the appropriate box to designate the rule pursuant to which this Schedule 13G/A is filed: | |
| x | Rule 13d-1(b) |
| ¨ | Rule 13d-1(c) |
| ¨ | Rule 13d-1(d) |
| (Page 1 of 7 Pages) | |
______________________________
* The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.
**There is no CUSIP number assigned to the Ordinary Shares. CUSIP number 05337M104 has been assigned to the American Depositary Shares ("ADS") of the Company, which are quoted on the Nasdaq Global Market under the symbol "AVDL." Each ADS represents 1 Ordinary Share.
The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 (the "Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
| CUSIP No. 05337M104 | 13G/A | Page 2 of 7 Pages |
| 1 |
NAMES OF REPORTING PERSONS RTW Investments, LP | |||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP |
(a) ¨ (b) ¨ | ||
| 3 | SEC USE ONLY | |||
| 4 |
CITIZENSHIP OR PLACE OF ORGANIZATION Delaware | |||
| NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH |
5 |
SOLE VOTING POWER - 0 - | ||
| 6 |
SHARED VOTING POWER 9,196,186 Shares (represented by 9,196,186 ADSs) (including 2,248,268 Shares (represented by 2,248,268 ADSs) issuable upon conversion of Series A preferred shares and/or Series B preferred shares)* (see Item 4) | |||
| 7 |
SOLE DISPOSITIVE POWER - 0 - | |||
| 8 |
SHARED DISPOSITIVE POWER 9,196,186 Shares (represented by 9,196,186 ADSs) (including 2,248,268 Shares (represented by 2,248,268 ADSs) issuable upon conversion of Series A preferred shares and/or Series B preferred shares)* (see Item 4) | |||
| 9 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 9,196,186 Shares (represented by 9,196,186 ADSs) (including 2,248,268 Shares (represented by 2,248,268 ADSs) issuable upon conversion of Series A preferred shares and/or Series B preferred shares)* (see Item 4) | |||
| 10 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES | ¨ | ||
| 11 |
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 9.99%* (see Item 4) | |||
| 12 |
TYPE OF REPORTING PERSON PN, IA | |||
* As more fully described in Item 4, the RTW Funds hold Series A preferred shares and Series B preferred shares each subject to a 9.99% beneficial ownership blocker. The percentage set forth on row (11) and the number of Shares set forth on rows (6), (8) and (9) give effect to such blocker.
| CUSIP No. 05337M104 | 13G/A | Page 3 of 7 Pages |
| 1 |
NAMES OF REPORTING PERSONS Roderick Wong, M.D. | |||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP |
(a) ¨ (b) ¨ | ||
| 3 | SEC USE ONLY | |||
| 4 |
CITIZENSHIP OR PLACE OF ORGANIZATION United States | |||
| NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH |
5 |
SOLE VOTING POWER - 0 - | ||
| 6 |
SHARED VOTING POWER 9,196,186 Shares (represented by 9,196,186 ADSs) (including 2,248,268 Shares (represented by 2,248,268 ADSs) issuable upon conversion of Series A preferred shares and/or Series B preferred shares)* (see Item 4) | |||
| 7 |
SOLE DISPOSITIVE POWER - 0 - | |||
| 8 |
SHARED DISPOSITIVE POWER 9,196,186 Shares (represented by 9,196,186 ADSs) (including 2,248,268 Shares (represented by 2,248,268 ADSs) issuable upon conversion of Series A preferred shares and/or Series B preferred shares)* (see Item 4) | |||
| 9 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 9,196,186 Shares (represented by 9,196,186 ADSs) (including 2,248,268 Shares (represented by 2,248,268 ADSs) issuable upon conversion of Series A preferred shares and/or Series B preferred shares)* (see Item 4) | |||
| 10 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES | ¨ | ||
| 11 |
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 9.99%* (see Item 4) | |||
| 12 |
TYPE OF REPORTING PERSON IN, HC | |||
* As more fully described in Item 4, the RTW Funds hold Series A preferred
shares and Series B preferred shares each subject to a 9.99% beneficial ownership blocker. The percentage set forth on row (11) and the
number of Shares set forth on rows (6), (8) and (9) give effect to such blocker.
| CUSIP No. 05337M104 | 13G/A | Page 4 of 7 Pages |
| Item 1(a). | NAME OF ISSUER: |
| The name of the issuer is Avadel Pharmaceuticals PLC (the "Company"). |
| Item 1(b). | ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES: |
| The Company's principal executive offices are located at 10 Earlsfort Terrace, Dublin 2, Ireland, D02 T380. |
| Item 2(a). | NAME OF PERSON FILING: |
| This statement is filed by: |
| (i) | RTW Investments, LP ("RTW Investments"), a Delaware limited partnership, and the investment adviser to certain funds (the "RTW Funds"), with respect to the Shares (as defined in Item 2(d) below) directly held by (and Shares underlying Series A preferred shares and Series B preferred shares held by) the RTW Funds; and | |
| (ii) | Roderick Wong, M.D. ("Dr. Wong"), the Managing Partner and Chief Investment Officer of RTW Investments, with respect to the Shares directly held by (and Shares underlying Series A preferred shares and Series B preferred shares held by) the RTW Funds. |
| The foregoing persons are hereinafter sometimes collectively referred to as the "Reporting Persons." | |
| The filing of this statement should not be construed as an admission that any of the forgoing persons or any Reporting Person is, for the purposes of Section 13 of the Act, the beneficial owner of the securities reported herein. |
| Item 2(b). | ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE: |
| The address of the business office of each of the Reporting Persons is 40 10th Avenue, Floor 7, New York, New York 10014. |
| Item 2(c). | CITIZENSHIP: |
| RTW Investments is a Delaware limited partnership. Dr. Wong is a citizen of the United States. |
| Item 2(d). | TITLE OF CLASS OF SECURITIES: |
| Ordinary Shares, nominal value $0.01 per share (the "Shares"). |
| CUSIP No. 05337M104 | 13G/A | Page 5 of 7 Pages |
| Item 2(e). | CUSIP NUMBER: |
| There is no CUSIP number assigned to the Ordinary Shares. CUSIP number 05337M104 has been assigned to the ADSs. |
| Item 3. | IF THIS STATEMENT IS FILED PURSUANT TO §§ 240.13d-1(b) OR 240.13d-2(b) OR (c), CHECK WHETHER THE PERSON FILING IS A: |
| (a) | ¨ | Broker or dealer registered under Section 15 of the Act (15 U.S.C. 78o); | |
| (b) | ¨ | Bank as defined in Section 3(a)(6) of the Act (15 U.S.C. 78c); | |
| (c) | ¨ | Insurance company as defined in Section 3(a)(19) of the Act (15 U.S.C. 78c); | |
| (d) | ¨ | Investment company registered under Section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8); | |
| (e) | x | Investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E); | |
| (f) | ¨ |
Employee benefit plan or endowment fund in accordance with Rule 13d-1(b)(1)(ii)(F);
| |
| (g) | x |
Parent holding company or control person in accordance with Rule 13d-1(b)(1)(ii)(G); | |
| (h) | ¨ |
Savings association as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
| |
| (i) | ¨ |
Church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act (15 U.S.C. 80a-3);
| |
| (j) | ¨ | Non-U.S. institution in accordance with Rule 13d-1(b)(1)(ii)(J); | |
| (k) | ¨ | Group, in accordance with Rule 13d-1(b)(1)(ii)(K). |
| If filing as a non-U.S. institution in accordance with Rule 13d-1(b)(1)(ii)(J), please | |
| specify the type of institution: |
| Item 4. | OWNERSHIP: |
| The information required by Items 4(a) - (c) is set forth in Rows 5 - 11 of the cover page for each of the Reporting Persons and is incorporated herein by reference. | |
| The percentages set forth herein are calculated based upon 89,805,653 Shares outstanding as of November 6, 2023 as reported in the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2023, filed with the Securities and Exchange Commission on November 8, 2023, and assumes the conversion of the Securities (as defined below) held by the RTW Funds, subject to the 9.99% Blocker (as defined below). |
| CUSIP No. 05337M104 | 13G/A | Page 6 of 7 Pages |
| Pursuant to the terms of certain Series A preferred shares and Series B preferred shares (collectively, the "Securities"), the RTW Funds cannot convert such Securities to the extent the Reporting Persons would beneficially own, after such conversion, more than 9.99% of the outstanding Shares (the "9.99% Blocker"). The percentage set forth on Row (11) and the number of Shares set forth on rows (6), (8) and (9) of the cover page for each Reporting Person give effect to the 9.99% Blocker. Consequently, at this time, the Reporting Persons are not able to convert all the Securities held by the RTW Funds due to the 9.99% Blocker. | |
| Item 5. | OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS: |
| Not applicable. |
| Item 6. | OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON: |
| See Item 2. The RTW Funds have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Shares reported herein. RTW Master Fund Ltd., a RTW Fund, has the right to receive or the power to direct the receipt of dividends or the proceeds from the sale of more than 5% of the of Shares. |
| Item 7. | IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY: |
| Not applicable. |
| Item 8. | IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP: |
| Not applicable. |
| Item 9. | NOTICE OF DISSOLUTION OF GROUP: |
| Not applicable. |
| Item 10. | CERTIFICATION: |
| Each of the Reporting Persons hereby makes the following certification: | |
| By signing below each Reporting Person certifies that, to the best of his or its knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect. |
| CUSIP No. 05337M104 | 13G/A | Page 7 of 7 Pages |
SIGNATURES
After reasonable inquiry and to the best of his or its knowledge and belief, each of the undersigned certify that the information set forth in this statement is true, complete and correct.
DATED: February 14, 2024
| RTW INVESTMENTS, LP | ||
| By: | /s/ Roderick Wong, M.D. | |
| Name: | Roderick Wong, M.D. | |
| Title: | Managing Partner | |
| /s/ Roderick Wong, M.D. | ||
| RODERICK WONG, M.D. | ||