Supernus Completes Indivior Merger, Combining 11-Product Portfolio in One Company
Key Facts
Supernus Pharmaceuticals and Indivior Pharmaceuticals announced that they completed their merger on November 2, 2026, with Indivior becoming known as Supernus, Inc. after the deal. According to Supernus’ filing with the U.S. Securities and Exchange Commission, the new entity combines a portfolio of 11 products covering opioid use disorder, psychiatry and neurology. At the center of the portfolio are five key growth drivers: SUBLOCADE, Qelbree, GOCOVRI, ONAPGO and ZURZUVAE. Chief Executive Jack Khattar said the companies share a mission to serve patients with complex neurological conditions, adding: "We are committed to expanding impactful therapies for patients, executing a seamless integration and delivering long-term value for our shareholders." Completion of the deal ends the companies’ legal combination, while the filing did not announce that their operational integration was complete.
The merger shifted ownership in favor of former Indivior shareholders, who now own about 56.5% of the combined company on a fully diluted basis, compared with about 43.5% for former Supernus shareholders. Under the deal terms, each Supernus shareholder received 1.5401 Indivior shares for each share held. The larger stake in the new entity therefore went to Indivior shareholders, while Supernus shareholders’ shares converted into ownership in the resulting company at the announced exchange ratio. The ownership structure reflects the deal’s effect on shareholders after closing, alongside the combination of the companies’ products and commercial capabilities. The announced percentages show ownership distribution after the merger, not equal stakes for the two shareholder groups.
Closing arrangements included a special cash distribution totaling $1.0 billion to Indivior shareholders who were shareholders immediately before the merger was completed. The companies used a previously secured $650 million financing commitment to fund part of the distribution, with the remainder completed using available cash. Supernus’ earlier filing had disclosed a senior secured term loan facility with a total value of $650 million, with the company expecting to borrow the full amount at closing. The disclosed value of the facility matches the debt-funded portion of the special distribution, while the statement also says available cash was used to complete it. The deal arrangements thus combined debt financing and the use of available cash, with the distribution directed to former Indivior shareholders at closing.
For Supernus, the deal followed strong third-quarter 2026 revenue, when total revenue reached $226.8 million, up 18% year over year from $192.1 million in the third quarter of 2025. These figures provide financial context from before the closing, but relate to Supernus’ results for that period and do not represent consolidated results for the combined company. In August, Supernus had announced that it expected annual cost savings of $125 million after the merger. The savings remain a figure the company projected before closing, not savings realized and disclosed when the deal closed. Chairman Tony Kingsley said combining commercial capabilities, neurological therapies and a financial foundation positions the company to pursue long-term growth with disciplined capital allocation, describing the mix as "leading commercial capabilities, central nervous system therapies and a strong financial foundation."
The combined company began trading as Supernus, Inc. under the ticker SUPN on Nasdaq on November 3, 2026, according to Nasdaq’s notice on the effective date of the name and ticker change. This followed the merger’s completion on November 2, setting the new entity’s ticker change for the next trading session. EL7 data recorded SUPN’s close at $26.16 per share on November 6, 2026, a price for the combined company after it began trading under the new ticker. Expectations announced before closing included completing the deal on November 2 and borrowing the full amount of the loan facility at that time; a subsequent filing then confirmed the merger was completed on the same date. The completion announcement did not specify a later date for completing operational integration or provide an update on whether the expected cost savings had been achieved.