Supernus and Indivior agree to all-stock merger of equals

Supernus Pharmaceuticals (NASDAQ: SUPN) and Indivior Pharmaceuticals (NASDAQ: INDV) have entered into a definitive agreement to combine in a tax-free all-stock merger, the companies announced Aug. 3, 2026, according to a joint press release.

Under the terms of the deal, unanimously approved by both boards, Supernus stockholders will receive 1.5401 common shares of Indivior for each share they hold. Indivior stockholders will receive a one-time special cash dividend of $1.0 billion in aggregate immediately prior to closing. To fund the dividend, the companies have secured a $650 million term loan commitment from Citibank N.A., with the remainder drawn from existing cash.

Upon closing, Indivior stockholders will own approximately 56.5% of the combined company, and Supernus stockholders will own approximately 43.5%, on a fully diluted basis. The combined entity will be named Supernus, Inc. and will trade on the Nasdaq Global Market under the ticker "SUPN."

The combined company is expected to generate pro forma net revenue of $2.2 billion and pro forma adjusted EBITDA of $888 million, including $125 million in projected annual cost synergies. Pro forma net debt is estimated at approximately $878 million, reflecting a net leverage ratio of less than 1x.

The combined portfolio will include 11 CNS medicines spanning psychiatry, neurology, and addiction treatment. The combined company will have a commercial portfolio targeting conditions including opioid use disorder, ADHD, Parkinson's disease, epilepsy, and postpartum depression.

Jack Khattar, currently President and Chief Executive Officer of Supernus Pharmaceuticals, will serve as President and CEO of the combined company. Tony Kingsley, currently a member of Indivior's board, will serve as Board Chair. The combined company's board will have eight directors, four from each company. Headquarters will remain in Rockville, Md.

The transaction is expected to close in the fourth quarter of 2026, subject to stockholder approvals from both companies, regulatory clearances, and customary closing conditions.

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