Indivior and Supernus agree to merger of equals

On August 3, 2026, Indivior Pharmaceuticals, Inc. and Supernus Pharmaceuticals, Inc. disclosed in an 8-K filing that they had signed a Merger Agreement dated August 1, 2026, with a joint conference call and investor presentation held the same day to discuss the deal. The filing describes the announcement of the execution of the Agreement and Plan of Merger, dated August 1, 2026, by and among Indivior, Supernus and Artemis Merger Sub Inc., a Delaware corporation and a wholly owned subsidiary of Indivior.¹

Under the deal terms, it is structured as a 100% tax-free stock-for-stock merger in which Supernus shareholders will receive 1.5401 Indivior shares for each Supernus share. Prior to closing, Indivior will declare a dividend of $1 billion in the aggregate to pre-closing stockholders.¹ Post-close ownership is split 56.5% for Indivior shareholders and 43.5% for Supernus shareholders¹, with 4 directors from Supernus and 4 from Indivior, including Tony Kingsley as non-executive board chair, and Jack Khattar as President and Chief Executive Officer.¹ The combined company will be named Supernus, Inc. and headquartered in Rockville, Maryland, with the transaction targeted to close in the fourth quarter of 2026, subject to shareholder approval from both companies and regulatory clearances.¹

On a financial basis, the presentation states the combined entity would have had $2,162 million in total net revenue and $888 million in Adjusted EBITDA for the trailing twelve months ended June 30, 2026, with a 41% Adjusted EBITDA margin and net leverage under 1x.¹ The companies also cited expected annual cost synergies of at least $125 million¹ and said the merger would form a portfolio of 11 medicines across four commercial therapeutic areas: addiction, ADHD, postpartum depression, and Parkinson's disease.¹