Supernus Pharmaceuticals and Indivior Pharmaceuticals have agreed to merge in a tax-free all-stock deal that will create a diversified central nervous system biopharmaceutical company with about $2.2B in combined annual revenues. The combined company will be named Supernus, Inc. and will trade on Nasdaq under the ticker SUPN.
Under the agreement, Supernus shareholders will receive 1.5401 Indivior shares for each Supernus share they hold, while Indivior shareholders will receive a one-time special cash dividend of $1 billion immediately before the merger closes. The companies said the dividend will be financed through a $650 million term loan from Citibank, with the remainder covered by cash on hand.
The merger is expected to generate $125 million in annual cost synergies and give the combined company a stronger financial profile with greater flexibility to invest in growth opportunities. The businesses said the merged company will have a diversified commercial portfolio of 11 medicines across psychiatry, neurology and addiction, with key growth products expected to continue expanding into the 2030s.
Upon closing, Indivior shareholders are expected to own about 56.5% of the combined company, while Supernus shareholders will own about 43.5% on a fully diluted basis. Jack Khattar, currently Supernus president and CEO, will lead the combined company as president and CEO, and Tony Kingsley will serve as board chair.
The companies said the deal has been unanimously approved by both boards and is expected to close in the fourth quarter of 2026, subject to stockholder approvals, regulatory clearances and other customary conditions. They added that the combined company will be headquartered in Rockville, Maryland.
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