Indivior Pharmaceuticals and Supernus Pharmaceuticals to Merge in a $3.38 Billion Deal

Supernus Pharmaceuticals, Inc. (SUPN) entered a merger agreement on August 3, 2026, with Indivior Pharmaceuticals Inc (INDV), in a deal valued at $3.38 billion.

Deal Structure:

Supernus stockholders will receive 1.5401 common shares of Indivior, representing a value of $61.62 per Supernus share, at a premium of 38.07% from the stock’s last close.

Indivior stockholders will receive a one-time special cash dividend of $1 billion in aggregate immediately before closing of the merger.

Indivior stockholders will own about 56.5% of the combined company, while Supernus stockholders will own roughly 43.5%.

Company Profile:

Supernus is a biopharmaceutical company that develops and commercializes prescription medicines for central nervous system (CNS) disorders. Its portfolio includes treatments for ADHD, Parkinson’s disease, epilepsy, migraine, postpartum depression, cervical dystonia, and chronic sialorrhea, and it is advancing additional CNS therapies through clinical development.

Indivior is a pharmaceutical company that develops, manufactures, and commercializes prescription medicines for the treatment of opioid use disorder (OUD) and substance use disorders. Its portfolio includes buprenorphine-based therapies and long-acting injectable treatments, with operations primarily in the United States, the United Kingdom, and other international markets.

Deal Details and Timeline:

The combined company will operate as Supernus, Inc. and will trade on the Nasdaq Global Market under the ticker symbol SUPN.

Jack Khattar, Chief Executive Officer of Supernus Pharmaceuticals, will become the CEO of the combined company. Tony Kingsley, who currently serves on Indivior’s Board, will become the Chair of the Board of the combined company.

The combined company will have a portfolio of 11 differentiated medicines across psychiatry, neurology, and addiction, with its key growth products expected to continue driving growth well into the 2030s.

The combined company’s Board is expected to have eight directors. Four will come from Supernus, including CEO Khattar. The other four will come from Indivior, including Kingsley.

Following the merger, the combined company’s global headquarters will be located at Supernus’ headquarters in Rockville, Maryland.

To pay the dividend to Indivior shareholders, the companies have secured a $650 million term loan from Citibank N.A. The remaining amount will be paid using the combined company’s existing cash.

The merger is expected to close in the fourth quarter of 2026.

Supernus was advised by Cantor Fitzgerald and Wells Fargo on financial matters, and by Saul Ewing and Morgan Lewis UK on legal matters. Indivior was advised by Jefferies, Piper Sandler, and Citi on financial matters, and by Goodwin Procter on legal matters.

Indivior is paying 18.32 times the EBITDA for Supernus.

Deal Metrics:

For a comprehensive analysis of this merger and acquisition transaction, you are invited to visit the Deal Metrics page at:

Deal Metrics for the acquisition of Supernus Pharmaceuticals, Inc. (SUPN) by Indivior Pharmaceuticals Inc (INDV)

The Deal Metrics page provides an array of information including:

• Spread history chart of the merger from the announcement to completion or failure.
• Progress of the merger through the HSR period, regulatory approvals, shareholder votes, etc.
• News and SEC filings related to the deal.
• A history of deal updates.
• And much more.

Disclaimer: This article is intended for informational purposes only. It is not a recommendation to buy or sell any securities mentioned. We cannot guarantee the accuracy or completeness of the information provided. Please conduct your own due diligence before making any investment decisions.

Editor’s Note: Baranjot Kaur contributed to this article