Supernus and Indivior Announce All-Stock Merger

SUPN and INDV have agreed to an all-stock merger of equals that combines their central-nervous-system franchises into a single company to be named Supernus, Inc. . Each Supernus share converts into 1.5401 Indivior shares, leaving Indivior holders with roughly 56.5% of the combined company and Supernus holders with about 43.5% on a fully diluted basis .

The combination is built on complementary rather than overlapping portfolios. Indivior brings its opioid-use-disorder franchise; Supernus brings marketed products across ADHD, depression, Parkinson's, epilepsy and migraine, for a combined 11 marketed medicines . Management is targeting roughly $2.2 billion in revenue, $888 million in EBITDA and $125 million in annual cost synergies once integrated . Indivior shareholders are also set to receive a $1 billion pre-closing special cash dividend, financed in part by a $650 million term loan, which is the detail that turns a nominal merger of equals into a partly leveraged transaction .

The announcement landed alongside Supernus' Q2 2026 print, where revenue rose 32% and guidance moved higher. Jack A. Khattar is slated to lead the combined company as CEO with Timothy C. Dec as CFO, and the board splits evenly between the two sides . The deal is targeted to close in the fourth quarter of 2026, subject to shareholder and regulatory approval. What to watch: whether the $125 million synergy number survives diligence, how the post-dividend leverage profile looks against the combined EBITDA target, and whether Indivior's OUD revenue base stabilizes, since the merger math leans on it carrying more than half the combined equity.

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