Indivior Pharmaceuticals, Inc. announced the execution of a definitive Agreement and Plan of Merger with Supernus Pharmaceuticals, Inc., creating a $2.2 billion diversified central nervous system biopharmaceutical leader through a 100% tax-free stock-for-stock transaction. Under the terms, Supernus shareholders will receive 1.5401 Indivior shares for each Supernus share, resulting in an ownership split of 56.5% for Indivior and 43.5% for Supernus post-close. Prior to closing, Indivior will declare a $1 billion aggregate special cash dividend to pre-closing stockholders, funded by approximately $650 million in additional debt. The combined entity will feature an expanded executive team led by Supernus CEO Jack Khattar and a board with four directors from each company. The transaction targets closing in Q4 2026, subject to shareholder and regulatory approvals, and anticipates at least $125 million in annual cost synergies based on pro forma LTM net revenues of $2.16 billion as of June 30, 2026. Indivior Pharmaceuticals operates in the pharmaceutical industry, specializing in treatments for opioid use disorder.

Indivior Pharmaceuticals reported second quarter 2026 financial results on August 3, 2026, announcing total net revenue of $343 million, a 14% increase year-over-year. Total SUBLOCADE net revenue reached a record $253 million, up 21%, driven by an 18% growth in U.S. dispense unit volume and new patient starts totaling 32,816. The company reported GAAP net income of $122 million ($0.98 diluted EPS) and Adjusted EBITDA of $186 million, representing a 111% increase from the prior year period. Management raised full-year 2026 guidance, projecting total net revenue between $1,295 million and $1,365 million and adjusted EBITDA between $700 million and $740 million. Additionally, Indivior announced a definitive all-stock merger agreement with Supernus Pharmaceuticals to create a diversified CNS-focused biopharmaceutical company, expected to close in the fourth quarter of 2026. The company repurchased approximately 4.7 million shares for $175 million during the quarter. Indivior operates in the pharmaceutical industry, specializing in long-acting injectable treatments for opioid use disorder.

On August 1, 2026, Indivior Pharmaceuticals, Inc. entered into an Agreement and Plan of Merger with Supernus Pharmaceuticals, Inc., under which a wholly owned subsidiary of Indivior will merge with and into Supernus. Supernus will survive as a wholly owned subsidiary of Indivior, which will be renamed Supernus, Inc. Each share of Supernus common stock will convert into 1.5401 shares of Indivior common stock. Following the merger, Indivior stockholders are expected to own approximately 56.5% of the combined company on a fully diluted basis, while Supernus stockholders will own approximately 43.5%. Jack A. Khattar will serve as CEO and Timothy C. Dec as CFO of the combined entity. To fund a special cash dividend of $1 billion payable to Indivior shareholders prior to closing, Citibank has committed to provide a $650 million senior secured term loan facility. The transaction is subject to customary conditions, including stockholder approvals and antitrust clearance, with termination fees of $174.0 million for Indivior and $101.0 million for Supernus under specific circumstances. Indivior Pharmaceuticals operates in the pharmaceutical industry, specializing in addiction treatment therapies.