Supernus Completes Indivior Merger to Form 11-Product CNS Pharmaceutical Company in the US

The merger of Supernus Pharmaceuticals, Inc. and Indivior Pharmaceuticals, Inc. has formally closed, creating Supernus, Inc., a diversified biopharmaceutical company focused on central nervous system (CNS) diseases.

The newly combined business will begin trading on the Nasdaq Global Market under the ticker symbol "SUPN" on November 3, 2026, with the completion announced on November 2, 2026, from the company's headquarters in Rockville, Md.

Merger Sets Ownership Split and USD 1 Billion Dividend

Under the ownership structure established at closing, former Indivior stockholders hold approximately 56.5% of the combined company, while former Supernus Pharmaceuticals stockholders hold approximately 43.5%, on a fully diluted basis.

The exchange terms called for Supernus Pharmaceuticals stockholders to receive 1.5401 common shares of Indivior Pharmaceuticals for each Supernus Pharmaceuticals share they owned. Indivior stockholders immediately prior to the closing will receive a one-time special cash dividend of USD 1 billion in the aggregate, as previously announced.

That dividend is being financed through a previously secured debt commitment of USD 650 million via a term loan facility provided by Citibank N.A., with the remaining portion funded by existing cash on hand of the combined company.

Commercial Footprint Spans Opioid Use Disorder, Psychiatry, and Neurology

The merged company's commercial platform brings together an 11-product portfolio covering opioid use disorder, psychiatry, and neurology. At its core are five growth drivers, SUBLOCADE, Qelbree, GOCOVRI, ONAPGO, and ZURZUVAE, which the company says establish a durable foundation for long-term revenue expansion.

The approved treatments in the portfolio serve patients with opioid use disorder (OUD), attention-deficit hyperactivity disorder (ADHD), dyskinesia in Parkinson's disease for those receiving levodopa-based therapy, hypomobility in Parkinson's disease, postpartum depression, epilepsy, migraine, cervical dystonia, and chronic sialorrhea.

According to the company, it is committed to continuous innovation and to advancing a robust pipeline of novel product candidates aimed at delivering outcomes for CNS patients.

The companies also pointed to established financial scale and enhanced cash flow as giving the business capacity to pursue further growth, including expanding the commercial portfolio, advancing the novel pipeline, and pursuing future business opportunities.

Executive Team and Board Composition Set for New Company

Supernus Pharmaceuticals' existing headquarters in Rockville, Md., will function as the global headquarters for the combined company.

Jack Khattar will serve as President, Chief Executive Officer, and a member of the Board of Directors. Tony Kingsley, who previously sat on Indivior's Board of Directors, takes the role of Board Chair. The Board of Directors totals eight members, with four directors drawn from each of the legacy companies.

Khattar described the closing in strong terms.

"Today marks a transformative milestone as we officially bring together two organizations united by a shared dedication to those living with complex neurological conditions," he said. "As one team, we are committed to expanding meaningful treatments for patients, executing seamlessly, and delivering long-term value for our shareholders."

Kingsley emphasized the strategic fit of the combination, saying it brings together best-in-class commercial capabilities, leading CNS therapies, and a strong financial foundation.

"We believe the combined company is exceptionally well positioned to pursue long-term growth while maintaining disciplined capital allocation and a commitment to creating shareholder value," he said.

Company Frames Merger as Boost to Scale and Cash Flow

According to the companies, the merger positions Supernus as a leading diversified CNS biopharmaceutical company with a broad portfolio of marketed medicines, enhanced financial flexibility, and a differentiated pipeline.

The combination is described as significantly strengthening the company's cash flow profile and scale, unlocking greater capacity to resource growth-driving products, advance the CNS pipeline, and pursue strategic opportunities.

Advisory Roles Across Both Sides of the Deal

Cantor Fitzgerald & Co. acted as the lead financial advisor to Supernus Pharmaceuticals, with Wells Fargo serving as an additional financial advisor. Saul Ewing LLP provided legal counsel to Supernus Pharmaceuticals, while Morgan Lewis UK acted as legal advisors on certain ex-US matters.

For Indivior, Jefferies LLC and Piper Sandler & Co. served as joint financial advisors, with Goodwin Procter LLP as legal counsel. Citi provided financial advice to Indivior, and Citibank, N.A., supplied the committed financing supporting the transaction.

Additional information about the transaction is available on the Supernus website.