Traders should monitor the deal spread between Supernus and Indivior shares as the market prices in completion risk. Key catalysts include shareholder votes and regulatory approvals in the coming months. The fixed exchange ratio creates a pure merger-arb opportunity.
Price Chart
Executive Summary
Supernus Pharmaceuticals and Indivior announced a merger of equals in a 100% tax-free stock-for-stock transaction. Supernus shareholders will receive 1.5401 Indivior shares per Supernus share, and Indivior will distribute a $1B dividend to its pre-closing stockholders. The combined company is expected to have pro forma net revenue of $2.162B and $888M in adjusted EBITDA (including $125M in cost synergies), with a target close in Q4 2026, subject to shareholder and regulatory approvals.
Key Facts
- Supernus shareholders receive 1.5401 Indivior shares per Supernus share
- Indivior to declare $1B dividend to pre-closing stockholders before close
- Post-close ownership: 56.5% Indivior, 43.5% Supernus
- Pro forma combined net revenue LTM 6/30/26: $2,162 million
- Pro forma adjusted EBITDA including $125M synergies: $888 million (41% margin)
- Expected annual cost synergies of at least $125 million
- Target close Q4 2026
Financial Impact
Pro forma combined net revenue $2,162M and Adjusted EBITDA $888M, with $125M in expected annual cost synergies; net leverage <1x
Risk Factors
- Failure to obtain shareholder or regulatory approvals
- Integration challenges and cost synergy realization
- Market risk from fixed exchange ratio
- Potential competing bids or termination fees
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-089524 |
| Document: tm2622009d4_ex99-1.htm | 0001104659-26-089524 |
| Document: 0001104659-26-089524-index-headers.html | 0001104659-26-089524 |
| Document: 0001104659-26-089524-index.html | 0001104659-26-089524 |
| Document: 0001104659-26-089524.txt | 0001104659-26-089524 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 11, 2026 20d ago | DEFM14A | $41.49 $42.78 | ▲ +3.11% | ▲ +3.00% | $42.60 (+2.68%) |
Aug 3, 2026 8w ago | DEFA14A / 425 | $43.25 $46.88 | ▲ +8.39% | ▲ +8.49% | $42.60 (−1.50%) |
Aug 3, 2026 8w ago | 8-K | $43.25 $46.88 | ▲ +8.39% | ▲ +8.49% | $42.60 (−1.50%) |
Aug 3, 2026 8w ago | DEFA14A / 425 | $46.00 $47.07 | ▲ +2.33% | ▲ +0.30% | $42.60 (−7.39%) |
Aug 3, 2026 8w ago | 8-K | $46.00 $47.07 | ▲ +2.33% | ▲ +0.30% | $42.60 (−7.39%) |
Aug 3, 2026 8w ago | 8-K | $46.00 $47.07 | ▲ +2.33% | ▲ +0.30% | $42.60 (−7.39%) |
Aug 3, 2026 8w ago | DEFA14A / 425 / 8-K | $46.00 $47.07 | ▲ +2.33% | ▲ +0.30% | $42.60 (−7.39%) |
Jul 22, 2026 10w ago | 8-K | $47.19 $45.61 | ▼ −3.35% | ▼ −3.82% | $42.60 (−9.73%) |
Jul 22, 2026 10w ago | Press Release | $47.19 $45.61 | ▼ −3.35% | ▼ −3.82% | $42.60 (−9.73%) |
Jul 20, 2026 10w ago | Court Ruling | $47.42 $46.20 | ▼ −2.57% | ▼ −2.15% | $42.60 (−10.16%) |
US Market Status
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