Supernus Pharmaceuticals and Indivior Pharmaceuticals have agreed to combine in a tax-free, all-stock merger of equals that will create a leading biopharmaceutical company focused on central nervous system (CNS) disorders. The companies said the transaction is expected to strengthen their commercial portfolios, generate significant cost savings and provide greater financial flexibility to support future growth.
Following completion of the deal, the combined company will operate under the name Supernus, Inc. and trade on the Nasdaq Global Market under the ticker symbol SUPN. The merger is expected to close during the fourth quarter of 2026, subject to shareholder approvals, regulatory clearances and other customary closing conditions.
The transaction has been unanimously approved by the boards of directors of both companies.
Under the agreement, Jack Khattar, President and Chief Executive Officer of Supernus Pharmaceuticals, will become President, Chief Executive Officer and a member of the board of the combined company. Tony Kingsley, a member of Indivior’s Board of Directors, will serve as Chair of the Board. The global headquarters of the combined business will be located at Supernus’ existing headquarters in Rockville, Maryland.
The companies said the merger brings together complementary businesses with expertise in treating neurological, psychiatric and addiction-related disorders. Together, they expect to build a diversified commercial portfolio of 11 marketed medicines spanning psychiatry, neurology and addiction treatment, with several key products projected to continue growing well into the next decade.
Financially, the merged company is expected to generate approximately $2.2 billion in pro forma annual net revenue and $888 million in adjusted EBITDA. Management also projects $125 million in annual cost synergies, driven by operational efficiencies and the integration of overlapping functions.
According to the companies, the stronger financial profile will improve their ability to invest in research and development, expand commercial operations and pursue strategic acquisitions. After completion of the merger, the combined company is expected to have net debt of approximately $878 million and a leverage ratio below one times, providing flexibility for future investments.
Khattar said the combination creates a stronger organization capable of delivering sustained growth while advancing treatments for patients living with central nervous system diseases.
He said the merger combines two organizations with a shared commitment to improving patient outcomes and provides enhanced commercial capabilities to support a broader portfolio of medicines. The increased scale, he added, will also allow the company to pursue additional growth initiatives that could create long-term value for shareholders.
Indivior Chief Executive Officer Joe Ciaffoni described the transaction as the culmination of the company’s strategic transformation. He said combining with Supernus is expected to deliver greater value for patients, healthcare providers and shareholders while completing all three phases of Indivior’s long-term Action Agenda.
The merger also includes specific financial arrangements for shareholders. Supernus shareholders will receive 1.5401 shares of Indivior common stock for each Supernus share they own. Immediately before the transaction closes, Indivior shareholders will receive a special cash dividend totaling $1 billion.
To fund the dividend, the companies have secured a $650 million term loan from Citibank, with the remaining amount to be financed using existing cash reserves of the combined company.
Once the transaction is completed, Indivior shareholders will own approximately 56.5% of the combined company, while Supernus shareholders will own approximately 43.5%, on a fully diluted basis.
The companies believe the merger will create a stronger platform for innovation by combining experienced leadership teams with proven track records in developing, launching and commercializing therapies for diseases with significant unmet medical needs. They also expect the combined organization to benefit from expanded research and development capabilities and greater opportunities to acquire complementary assets.
In conjunction with the merger announcement, both companies also released their second-quarter 2026 financial results through separate statements. Rather than holding individual earnings calls, Supernus and Indivior announced they will host a joint conference call to discuss the transaction and its strategic rationale.
The deal reflects continued consolidation within the biopharmaceutical industry as companies seek greater scale, diversified product portfolios and stronger financial positions to compete in increasingly specialized therapeutic markets. If completed as planned, the new Supernus will emerge as one of the largest independent CNS-focused biopharmaceutical companies with an expanded portfolio, enhanced commercial reach and increased capacity to invest in future innovation.