ROCKVILLE, Md. & RICHMOND, Va., Aug. 3, 2026
Supernus Pharmaceuticals and Indivior Pharmaceuticals announced they have entered into a definitive agreement to merge in a tax-free all-stock merger of equals, creating a diversified central nervous system (CNS) biopharmaceutical company with approximately $2.2 billion in combined annual revenue. The merged company will operate as Supernus, Inc., remain listed on the Nasdaq under the ticker SUPN, and will be led by Jack Khattar as President and Chief Executive Officer, while Tony Kingsley will serve as Chair of the Board. The companies expect the transaction to generate approximately $125 million in annual cost synergies, strengthen financial flexibility, and enhance long-term growth through a broader commercial portfolio and expanded pipeline. The merger is expected to close in the fourth quarter of 2026, subject to shareholder and regulatory approvals.
Merger Creates Diversified CNS Portfolio with Strong Financial Position
The combined company will commercialize 11 differentiated CNS medicines spanning psychiatry, neurology, and addiction medicine, creating one of the largest diversified neuroscience-focused biopharmaceutical businesses. The companies project pro forma annual net revenue of approximately $2.2 billion and adjusted EBITDA of approximately $888 million, supported by a strong balance sheet with an expected net debt of approximately $878 million and a net leverage ratio below 1x. Management believes the stronger financial profile will provide greater flexibility to invest in commercial growth, advance Supernus’ innovative CNS pipeline, pursue strategic acquisitions, and expand the combined product portfolio while delivering significant operational efficiencies through anticipated annual cost synergies.
Transaction Expands Commercial Scale and Strengthens Growth Strategy
Under the terms of the agreement, Supernus shareholders will receive 1.5401 shares of Indivior common stock for each Supernus share, while Indivior shareholders will receive a special cash dividend totaling $1 billion before the transaction closes. Following completion of the merger, Indivior shareholders will own approximately 56.5% of the combined company, with Supernus shareholders owning approximately 43.5% on a fully diluted basis. The combined organization will maintain its global headquarters in Rockville, Maryland, leveraging complementary commercial capabilities, research expertise, and leadership experience to accelerate innovation across CNS disorders, including attention-deficit/hyperactivity disorder (ADHD), Parkinson’s disease, epilepsy, migraine, postpartum depression, and opioid use disorder (OUD).
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Combined Company Targets Long-Term Leadership in CNS Therapeutics
The merger brings together two established neuroscience companies with complementary commercial franchises and development capabilities focused on addressing significant unmet needs in central nervous system disorders. Supernus contributes an established portfolio across neurological and psychiatric conditions, while Indivior brings leadership in long-acting injectable therapies for opioid use disorder. By combining commercial infrastructure, research capabilities, and financial resources, the companies aim to strengthen internal drug development, expand business development opportunities, and establish a leading position in the evolving CNS therapeutics market. Management expects the transaction to enhance shareholder value while accelerating innovation and improving access to treatments for patients living with neurological, psychiatric, and addiction-related disorders.
Source: Supernus Pharmaceuticals press release
