Merger Arbitrage Mondays – Opiant Pharmaceuticals To Be Acquired By Indivior

  • November 21, 2022

Merger activity decreased last week with two new deals announced, four deals completed and one deal terminated.

Opiant Pharmaceuticals (OPNT)

Opiant Pharmaceuticals, a specialty pharmaceutical company that develops medicines for the treatment of addictions and drug overdose entered into a definitive merger agreement to be acquired by Indivior. Indivior is a pharmaceutical company based in Chesterfield that is in the business of opioid addiction treatment. The NARCAN nasal spray used for treating patients who have overdosed on opioids is developed by Opiant Pharmaceuticals.

Opiant Pipeline

Under the merger agreement, Indivior will acquire Opiant for an upfront consideration of $20.00 per share, in cash plus up to $8.00 per share in contingent value rights (“CVRs”) that may become payable in the event that certain net revenue milestones are achieved by it inhaled opioid overdose candidate (OPNT003) during a seven-year period after its approval and launch. The transaction represents a premium of over 110% to Opiant’s closing price on November 11, 2022.

The specific conditions under which the CVR would pay out include,

Indivior would pay $2.00 per CVR if OPNT003 achieves the following net revenue thresholds during any period of four consecutive quarters prior to the seventh anniversary of the U.S. commercial launch: (i) $225 million, (ii) $300 million, and (iii) $325 million. The remaining (iv) $2.00 per CVR would be paid if OPNT003 achieves net revenue of $250 million during any period of four consecutive quarters prior to the third anniversary of the U.S. commercial launch. The maximum amount payable by Indivior should OPNT003 achieve all four CVRs would be an additional approximately $68 million.

You can find all the active deals listed below in our Merger Arbitrage Tool (MAT) which automatically updates itself during market hours.

Merger Arbitrage

Deal Statistics:

Total Number of Deals Closed in 2022177
Total Number of Deals Not Completed in 20229
Total Number of Pending Deals
Cash Deals40
Stock Deals17
Stock & Cash Deals3
Special Conditions15
Total Number of Pending Deals75
Aggregate Deal Consideration$1.16 trillion

New Deals:

  1. The acquisition of Opiant Pharmaceuticals (OPNT) by Indivior (LON: INDV) for $145 million. Under the terms of the agreement, shareholders of Opiant Pharmaceuticals will receive $20.00 per share in cash plus up to $8.00 per share in contingent value rights that may become payable in the event that certain net revenue milestones are achieved by Opiant’s lead asset (OPNT003) during the relevant seven-year period.
  2. The acquisition of Elevate Credit (ELVT) by an affilliate of Park Cities Asset Management for $67 million or $1.87 per share in cash.

Deal Updates:

  1. On November 14, 2022, activist investor Corvex Management exited its holdings in Zendesk (ZEN), according to the fund’s Q3 13F filing.
  2. On November 14, 2022, Applied Genetic Technologies Corporation (AGTCurged its shareholders to tender their shares by November 28, 2022.
  3. On November 15, 2022, Abiomed (ABMD) and Johnson & Johnson (JNJeach filed an HSR Notification with the FTC and the DOJ in connection with the purchase of shares in the offer and the merger, and the required waiting period will expire on December 7, 2022, unless earlier terminated by the FTC and the DOJ. Johnson & Johnson launched its tender offer for Abiomed; the offer will expire on December 13, 2022.
  4. On November 15, 2022, Broadcom (AVGOfiled a request for its planned acquisition of VMware (VMW) with the European antitrust regulator.
  5. 1Life Healthcare (ONEM) said that Amazon (AMZNhas agreed to provide it with up to $300M in financing.
  6. On November 17, 2022, Regal Rexnord Corporation (RRX) announced that it has completed the first phase of financing for its proposed acquisition of Altra Industrial Motion Corp. (AIMC), by successfully amending its credit agreement, and upsizing its revolver and an existing Term Loan, by $1.1 billion.
  7. On November 18, 2022, Black Knight (BKI) announced that it has agreed to sell its TitlePoint line of business to Fidelity National Financial (FNF) for $225 million in cash. The sale of TitlePoint is not conditioned on the completion of Intercontinental Exchange’s (ICE) acquisition of Black Knight.


  1. ChannelAdvisor Corporation (ECOM) received shareholders approval.
  2. Cowen (COWN) received shareholders approval.
  3. Aerie Pharmaceuticals (AERI) received shareholders approval.
  4. On November 17, 2022, Zendesk (ZEN) received written notice from CFIUS that it had concluded its review and cleared the transaction contemplated by the Merger Agreement.
  5. On November 18, 2022, Tegna’s (TGNA) planned sale to Standard General received no objections from the National Telecommunications and Information Administration.


  1. November 14, 2022: According to Reuters, activist investor Ancora Holdings Group said that Ritchie Bros Auctioneers’ (RBA) buyout deal for IAA Inc. (IAA) was a “poorly structured sweetheart deal” and it will push for better terms.
  2. November 14, 2022: According to Reuters, in its effort to win takeover approval, Rogers Communications (RCI) presented documents to a tribunal that show Canada’s second-largest telecom company Telus Corp attempted to sabotage Rogers’ deal to buy Shaw Communications (SJR).
  3. November 16, 2022: According to Reuters, Albertsons Companies (ACI) said that its $4 billion dividend payment to shareholders will continue to remain on hold as a Washington state court postponed a scheduled case hearing to December 9, 2022.
  4. On November 17, 2022, Rio Tinto (RIOcancelled an agreement with Turquoise Hill (TRQ) shareholders, Pentwater Capital and SailingStone Capital, who had publicly opposed the C$43/share sale agreed.

Shareholders Meeting Schedule

  1. Archaea Energy (LFG) – December 13, 2022.
  2. Professional Holding (PFHD) – December 15, 2022.

Closed Deals:

  1. The acquisition of ChannelAdvisor Corporation (ECOM) by CommerceHub on November 15, 2022. It took 70 days for this deal to be completed.
  2. The acquisition of LogicBio Therapeutics (LOGC) by Alexio, AstraZeneca Rare Disease on November 16, 2022. It took 44 days for this deal to be completed.
  3. The acquisition of Stealth BioTherapeutics Corp (MITO) by Stealth Parent Limited on November 16, 2022. It took 107 days for this deal to be completed.
  4. The acquisition of Tenneco (TEN) by Apollo Global Management (APO). It took 267 days for this deal to be completed.

Terminated Deals:

  1. Steel Partners (SPLPterminated the merger deal with Steel Connect (STCN) after a majority of the parent’s outstanding shares failed to approve the agreement.

Weekly Spread Changes:

The table below shows weekly spread changes between November 11, 2022, and November 18, 2022.

Company Quote
Last Week
Spread Change
AGTC0.376Syncona Limited (N/A)-9.57%-15.99%6.42%Special Conditions
GSMG1.425Cheers Inc (N/A)8.77%3.33%5.44%All Cash
HVBC25.44Citizens Financial Services, Inc. (CZFS)70.6511.08%6.17%4.91%All Stock
RCOR2.63Rocket Pharmaceuticals, Inc. (RCKT)17.189.48%5.30%4.18%All Stock
AYLA0.56Advaxis, Inc. (ADXS)1.9-36.42%-40.23%3.81%All Stock
LOTZ0.2037Shift Technologies, Inc. (SFT)0.351319.37%23.67%-4.30%All Stock
FCRD4.36Crescent Capital BDC, Inc. (CCAP)13.759.86%14.59%-4.73%Special Conditions
BKI60.8Intercontinental Exchange, Inc. (ICE)104.2139.80%45.10%-5.30%Special Conditions
TGNA19.89Standard General L.P. (N/A)20.66%26.38%-5.72%Special Conditions
TSEM43.21Intel Corporation (INTC)29.8722.66%29.05%-6.39%All Cash

Top 10 deals with the largest spreads:

Please do your own due diligence on deals with large spreads. Some of these large spreads might be related to regulatory issues or because of the way the deal is structured. We classify some of these deals as “special situation” deals in our merger arbitrage tool and provide additional details to help with the analysis. There may be unique situations related to special dividends, spinoffs, proration, etc. that need to be accounted for when looking at these spreads.

SIMO05/05/2022MaxLinear, Inc. (MXL)$107.35$62.4606/30/202371.87%118.17%
SAVE07/28/2022JetBlue Airways Corporation (JBLU)$33.50$21.6706/30/202454.59%33.89%
FSTX06/23/2022invoX Pharma (N/A)$7.12$4.7112/31/202251.17%455.52%
BKI05/04/2022Intercontinental Exchange, Inc. (ICE)$85.00$60.8006/30/202339.80%65.44%
ACI10/14/2022The Kroger Co. (KR)$27.25$20.5203/31/202432.80%24.09%
ATVI01/18/2022Microsoft Corporation (MSFT)$95.00$74.106/30/202328.21%46.37%
TSEM02/15/2022Intel Corporation (INTC)$53.00$43.2102/15/202322.66%95.05%
VMW05/26/2022Broadcom Inc. (AVGO)$142.50$116.5604/30/202322.25%50.45%
TGNA02/22/2022Standard General L.P. (N/A)$24.00$19.8912/31/202220.66%183.96%
LOTZ08/09/2022Shift Technologies, Inc. (SFT)$0.24$0.203712/31/202219.37%172.43%

Deals In The Works

Five new potential deals were added to the ‘Deals In The Works‘ section last week.

  1. On November 14, 2022, Guardion Health Sciences (GHSI) announced that it engaged Roth Capital Partners as its financial advisor to conduct a strategic review process focused on maximizing stockholder value.
  2. On November 14, 2022, Sunlight’s (SUNL) Board of Directors and management commenced a process to explore, review and evaluate potential alternatives that enable the company to continue to grow and maximize value for all stakeholders.
  3. On November 16, 2022, Willis Lease Finance (WLFCreceived a takeover offer from a consortium (Mitsui & Co., Ltd., a Japanese limited company, Fuyo General Lease, JA Mitsui Leasing and CFW Partners).
  4. On November 18, 2022, Reuters reported that Ranger Oil Corp (ROCC) is exploring a potential sale.
  5. On November 18, 2022, Sculptor Capital Management (SCU) announced that its Board formed a special committee, comprised solely of independent directors, to explore potential interest from third parties in a transaction with the company that maximizes value for shareholders.

SPAC Arbitrage


Potential SPAC IPO

SPAC Business Combination

  1. On November 14, 2022, TriSalus Life Sciences, a privately held oncology therapeutics company entered into a definitive merger agreement with MedTech Acquisition Corporation (MTAC).
  2. On November 14, 2022, Electriq Power and TLG Acquisition One Corp. (TLGA) announced that they have entered into a definitive merger agreement.
  3. On November 14, 2022, EnOcean GmbH and Parabellum Acquisition Corp. (PRBMentered into a definitive business combination agreement that will result in EnOcean becoming a publicly listed company.
  4. On November 15, 2022, Majic Wheels and OceanTech Acquisitions I Corp. (OTECentered into a definitive business combination agreement.
  5. On November 16, 2022, Mobix Labs and Chavant Capital Acquisition Corp. (CLAYannounced a definitive merger agreement.
  6. On November 16, 2022, AtlasClear, Atlas Fintech Holdings Corp. and Quantum FinTech Acquisition Corporation (QFTAentered into a definitive business combination agreement.
  7. On November 16, 2022, Arabian Entertainment Company and Sagaliam Acquisition Corp. (SAGAentered into a definitive business combination agreement.
  8. On November 17, 2022, Digital Virgo Group and Goal Acquisitions Corp. (PUCKentered into a definitive agreement for a business combination.


  1. On November 11, 2022, East Stone Acquisition Corporation (ESSC) and NWTN Inc. (NWTN) announced the closing of their business combination.
  2. On November 17, 2022, 8i Acquisition 2 Corp. (LAX) announced the completion of its business combination with EUDA Health Limited (EUDA).
  3. On November 18, 2022, Grindr (GRNDannounced the closing of their previously announced business combination with Tiga Acquisition Corp.

List of all pending deals:

The list of all pending deals is only available to InsideArbitrage Premium and Plus members.

Target VolumeEstimated
Closing Date
+SIMO5/05/22MaxLinear, Inc. (MXL)Cash Plus Stock$8 B$107.35$62.46198,2966/30/2371.87%118.71%
+SAVE7/28/22JetBlue Airways Corporation (JBLU)All Cash$7.6 B$33.50$21.67381,8026/30/2454.59%33.95%
+FSTX6/23/22invoX Pharma (N/A)All Cash$161 M$7.12$4.71301,20112/31/2251.17%466.91%
+BKI5/04/22Intercontinental Exchange, Inc. (ICE)Special Conditions$16 B$85.00$60.801,414,3046/30/2339.80%65.74%
+ACI10/14/22The Kroger Co. (KR)Special Conditions$24.6 B$27.25$20.524,901,2823/31/2432.80%24.14%
+ATVI1/18/22Microsoft Corporation (MSFT)All Cash$68.7 B$95.00$74.15,737,9896/30/2328.21%46.58%
+TSEM2/15/22Intel Corporation (INTC)All Cash$5.4 B$53.00$43.21199,5812/15/2322.66%96.16%
+VMW5/26/22Broadcom Inc. (AVGO)Special Conditions$69 B$142.50$116.56563,8384/30/2322.25%50.77%
+TGNA2/22/22Standard General L.P. (N/A)Special Conditions$8.6 B$24.00$19.892,351,53212/31/2220.66%188.56%
+LOTZ8/09/22Shift Technologies, Inc. (SFT)All Stock-$12.88 M$0.24$0.2037554,55312/31/2219.37%176.74%
+IRBT8/05/22Amazon (AMZN)All Cash$1.7 B$61.00$51.89384,79512/31/2217.56%160.20%
+AKUS10/18/22Eli Lilly and Company (LLY)Special Conditions$248.84 M$15.50$13.29708,50912/31/2216.63%151.74%
+OIIM9/30/22FNOF Precious Honour Limited and Rim Peak Technology Limited (N/A)All Cash$73.94 M$5.00$4.4325,4213/31/2312.87%36.13%
+HVBC10/19/22Citizens Financial Services, Inc. (CZFS)All Stock$67.4 M$28.26$25.442,3136/30/2311.08%18.31%
+SJR3/15/21Rogers Communications Inc. (RCI)Special Conditions$26 B$30.14$27.24282,01412/31/2210.65%97.21%
+FCRD10/04/22Crescent Capital BDC, Inc. (CCAP)Special Conditions$145.6 M$4.79$4.36230,7603/31/239.86%27.69%
+RCOR9/20/22Rocket Pharmaceuticals, Inc. (RCKT)All Stock$53 M$2.88$2.6316,4673/31/239.48%26.62%
+GSMG7/11/22Cheers Inc (N/A)All Cash$105.59 M$1.55$1.425401,96212/31/228.77%80.04%
+ONEM7/21/22Amazon (AMZN)All Cash$3.9 B$18.00$16.632,775,16312/31/228.24%75.17%
+SWIR8/02/22Semtech Corporation (SMTC)All Cash$1.2 B$31.00$28.77400,7041/31/237.75%39.85%
+SGFY9/05/22CVS Health Corporation (CVS)All Cash$8 B$30.50$28.55721,8326/30/236.83%11.28%
+IAA11/07/22Ritchie Bros. Auctioneers Incorporated (RBA)Cash Plus Stock$7.3 B$41.87$39.251,177,5686/30/236.67%11.02%
+AIMC10/27/22Regal Rexnord Corporation (RRX)All Cash$5 B$62.00$58.19673,7246/30/236.55%10.81%
+VIVO7/07/22SD Biosensor and SJL Partners (N/A)All Cash$1.53 B$34.00$32.03558,75212/31/226.15%56.12%
+FORG10/11/22Thoma Bravo (N/A)All Cash$2.3 B$23.25$21.961,832,2506/30/235.87%9.70%
+LMST10/25/22Peoples Bancorp Inc. (PEBO)All Stock$208.2 M$26.60$25.3120,4956/30/235.11%8.44%
+PNM10/21/20Avangrid, Inc. (AGR)All Cash$8.05 B$50.30$48.3350,52412/31/224.14%37.78%
+SJI2/24/22Infrastructure Investments Fund (N/A)All Cash$8.1 B$36.00$34.7556,16612/31/223.75%34.19%
+AUY11/08/22Pan American Silver Corp. (PAAS)Special Conditions$5.93 B$5.21$5.0418,849,69712/31/223.37%30.78%
+ELVT11/16/22Park Cities Asset Management LLC (N/A)All Cash$67 M$1.87$1.81001,464,1473/31/233.31%9.31%
+EURN7/11/22Frontline Ltd. (FRO)All Stock$4.08 B$20.74$20.18923,93312/31/222.75%25.10%
+MFGP8/25/22OpenText (OTEX)All Cash$6 B$6.32$6.15318,1043/31/232.70%7.59%
+MMX11/10/22Triple Flag Precious Metals Corp. (TFPM)All Stock$596.51 M$4.03$3.94165,4681/31/232.24%11.53%
+TRQ9/06/22Rio Tinto (RIO)All Cash$5.63 B$32.00$31.311,426,93312/31/222.21%20.19%
+FHN2/28/22The Toronto-Dominion Bank (TD)Special Conditions$13.4 B$25.00$24.463,061,49011/27/222.21%134.30%
+MGI2/15/22Madison Dearborn Partners, LLC (N/A)All Cash$1.8 B$11.00$10.781,184,96112/31/222.04%18.62%
+AAWW8/04/22Apollo (APO)All Cash$5.2 B$102.50$100.64258,5113/31/231.85%5.19%
+STOR9/15/22GIC and Oak Street (N/A)All Cash$14 B$32.25$31.732,454,3383/31/231.64%4.60%
+MNRL9/06/22Sitio Royalties Corp. (STR)All Stock$2.21 B$34.60$34.05415,7443/31/231.62%4.55%
+PFHD8/08/22Seacoast Banking Corporation of Florida (SBCF)All Stock$488.6 M$29.18$28.7449,2393/31/231.52%4.27%
+RNWK7/28/22Greater Heights LLC (N/A)All Cash$12.65 M$0.73$0.72197,77412/31/221.25%11.39%
+BNFT11/01/22Voya Financial, Inc. (VOYA)All Cash$570 M$10.50$10.38385,9883/31/231.16%3.25%
+SPNE10/11/22Orthofix (OFIX)All Stock$249.93 M$6.97$6.89156,4023/31/231.14%3.21%
+ATCO11/01/22Poseidon Acquisition Corp. (N/A)All Cash$10.9 B$15.50$15.332,902,5026/30/231.11%1.83%
+LHCG3/28/22Optum (N/A)All Cash$6.2 B$170.00$168.23164,52112/31/221.05%9.60%
+AVEO10/18/22LG Chem, Ltd. (N/A)All Cash$440.99 M$15.00$14.85347,2193/31/231.01%2.84%
+COWN8/02/22TD Bank Group (TD)All Cash$1.3 B$39.00$38.65247,6143/31/230.91%2.54%
+KNBE10/12/22Vista Equity Partners (N/A)All Cash$4.6 B$24.90$24.68907,5706/30/230.89%1.47%
+EVOP8/01/22Global Payments Inc. (GPN)All Cash$4 B$34.00$33.71266,0023/31/230.86%2.42%
+MYOV10/23/22Sumitovant Biopharma Ltd. (N/A)All Cash$2.9 B$27.00$26.78705,1603/31/230.82%2.31%
+POSH10/03/22Naver Corp. (N/A)All Cash$1.2 B$17.90$17.76534,0833/31/230.79%2.21%
+ABMD11/01/22Johnson & Johnson (JNJ)Special Conditions$16.6 B$380.00$377.291,363,0803/31/230.72%2.02%
+USER10/27/22Thoma Bravo and Sunstone Partners (N/A)All Cash$1.3 B$7.50$7.451,358,6066/30/230.67%1.11%
+PBFX7/28/22PBF Energy Inc. (PBF)Cash Plus Stock$1.64 B$21.63$21.51389,7973/31/230.54%1.52%
+BTRS9/28/22EQT (N/A)All Cash$1.4 B$9.50$9.451,299,1163/31/230.53%1.49%
+LFG10/17/22BP p.l.c. (BP)All Cash$4.1 B$26.00$25.873,890,09712/31/220.50%4.59%
+HIL8/16/22Global Infrastructure Solutions Inc. (N/A)All Cash$207 M$3.40$3.3997,89212/31/220.29%2.69%
+SWCH5/11/22DigitalBridge Group, Inc. (DBRG)All Cash$11 B$34.25$34.153,619,12112/31/220.29%2.67%
+FBC4/26/21New York Community Bancorp, Inc. (NYCB)All Stock$2.6 B$37.58$37.48314,69312/31/220.27%2.47%
+GRIN10/12/22Taylor Maritime Investments Limited and Good Falkirk Limited (N/A)Special Conditions$506 M$26.00$25.94285,5423/31/230.23%0.65%
+UMPQ10/12/21Columbia Banking System, Inc. (COLB)All Stock$4.5 B$20.22$20.181,251,7993/31/230.18%0.49%
+CLR10/17/22Omega Acquisition, Inc. (N/A)All Cash$4.3 B$74.28$74.23,288,64812/31/220.11%0.98%
+ZEN6/24/22Permira and Hellman & Friedman LLC (N/A)All Cash$10.2 B$77.50$77.4612,964,21112/31/220.05%0.47%
+AERI8/22/22Alcon (ALC)All Cash$770 M$15.25$15.25807,87012/31/220.00%0.00%
+LBAI9/27/22Provident Financial Services, Inc. (PFS)All Stock$1.3 B$18.45$18.46187,3776/30/23-0.05%-0.08%
+LBC11/13/22Washington Federal, Inc. (WAFD)All Stock$654 M$11.48$11.559,4626/30/23-0.14%-0.23%
+OPNT11/14/22Indivior PLC (INDV.L)Special Conditions$145 M$20.00$20.09145,7053/31/23-0.45%-1.26%
+EMCF3/24/22Farmers National Banc Corp. (FMNB)All Stock$105 M$32.47$32.655,51212/31/22-0.57%-5.17%
+ELSE6/13/22Mobile X Global, Inc. (N/A)All Cash$9.89 M$4.83$4.878,82712/31/22-0.82%-7.49%
+OYST11/07/22Viatris Inc. (VTRS)Special Conditions$281 M$11.00$11.19111,6893/31/23-1.70%-4.77%
+VLDR11/07/22Ouster, Inc. (OUST)All Stock-$16.26 M$0.94$0.96722,713,2716/30/23-2.45%-4.05%
+RFP7/06/22The Paper Excellence Group (N/A)Special Conditions$2.7 B$20.50$21.19368,8146/30/23-3.26%-5.38%
+PCSB5/24/22Brookline Bancorp, Inc. (BRKL)All Stock$313 M$18.78$19.9371,65912/31/22-5.75%-52.49%
+AGTC10/23/22Syncona Limited (N/A)Special Conditions$23.5 M$0.34$0.376334,62612/31/22-9.57%-87.37%
+AYLA10/19/22Advaxis, Inc. (ADXS)All Stock-$4.22 M$0.36$0.5661,2553/31/23-36.42%-102.25%

Disclaimer: I have long positions in Abiomed (ABMD), Activision Blizzard (ATVI), Spirit Airlines (SAVE), Atlas Air Worldwide (AAWW), First Horizon (FHN), Tower Semiconductor (TSEM) and TEGNA (TGNA). Please do your own due diligence before buying or selling any securities mentioned in this article. We do not warrant the completeness or accuracy of the content or data provided in this article.