Supernus and Indivior Complete Merger, Combining 11 Drugs and Creating New Listed Company
Key Facts
Supernus and Indivior said they had completed their merger, a transaction that makes Indivior the parent company and leaves Supernus Pharmaceuticals as a wholly owned subsidiary. The new entity will be listed as Supernus on Nasdaq and is set to begin trading under the ticker SUPN on November 3, 2026, according to a Supernus filing. The combined commercial portfolio includes 11 drugs in psychiatry, neurology and addiction treatment, according to the company's announcement of the deal. Supernus estimated that the combined company would generate annual revenue of about $2.2 billion. It also projected annual cost savings of $125 million; these are estimates disclosed for the deal, not realized results.
Under the terms of the exchange, Supernus shareholders will receive 1.5401 Indivior shares for each Supernus share they held before the merger took effect, according to Indivior's filing with the U.S. Securities and Exchange Commission. After completion, Indivior shareholders are expected to own about 56.5% of the combined company on a fully diluted basis, compared with about 43.5% for Supernus shareholders. The split reflects the announced ownership structure of the new entity, while Supernus Pharmaceuticals remains a wholly owned subsidiary of the parent company. The board will have 8 members, with each party appointing 4, according to a Supernus filing. Indivior shareholders voted in favor of the deal on October 15, 2026, with 94% of votes cast, before the company announced its completion.
Completion is tied to a previously announced special cash distribution by Indivior totaling $1 billion to its shareholders, which was conditional on the deal closing. A Supernus filing said the distribution set for shareholders of record on October 30 was $8.13 per Indivior share, and was expected to be paid on November 6, 2026. Supernus expected to borrow $650 million through a secured term loan facility. The loan proceeds were expected to be used in part to finance the deal, repay existing debt, cover expenses and for general purposes. These terms place the cash distribution and financing within the announced financial structure of the merger, alongside the share exchange between the parties.
The announcement followed Supernus reporting revenue of $226.8 million in the third quarter of 2026, up 18% from $192.1 million in the same period of 2025. Combined revenue from four growth products rose to $192.2 million, up 29% year over year, according to a company filing. The products were Qelbree, Gocovri, ZURZUVAE and ONAPGO, which the company credited with driving that revenue growth. Net sales of Qelbree were $90.8 million, up 12% year over year. Supernus said higher sales volume was the main driver of Qelbree's growth; these results represent operating performance separate from the deal.
Supernus swung to operating profit of $21.2 million in the third quarter of 2026, compared with an operating loss of $60.2 million in the third quarter of 2025. This places the improvement in operating profitability alongside revenue and growth across the four products in the period before the merger was completed. In its results filing, the company said it expects to begin a Phase 1 trial of drug SPN-443 by the end of 2026. The trial will be conducted in healthy adult volunteers and will include single and multiple ascending doses. The timeline marks one of Supernus's anticipated research developments after its transition to the combined-company structure.
In an earlier filing, Supernus said shareholders had filed two lawsuits in state court concerning the merger agreement as of October 28, 2026. Indivior shares closed at $35.37 on October 30, according to market data provided by EL7. The new company is set to begin trading under the ticker SUPN on November 3, 2026, according to Supernus. The special cash distribution was also expected to be paid on November 6 to eligible shareholders based on the specified record date. The announced milestones following completion proceed from the start of trading to the distribution payment date, while the cost savings and combined annual revenue remain company projections.