Monitor the S-4 registration statement and joint proxy for the exchange ratio and special dividend details. The fixed exchange ratio locks in value but creates risk if SUPN underperforms Indivior pre-close. Watch for regulatory clearances and shareholder votes over the coming months.
Price Chart
Executive Summary
Supernus Pharmaceuticals and Indivior have entered into an all-stock merger of equals, announced via employee communications and a LinkedIn post filed as exhibits to this 8-K. The combined entity would have LTM net revenue of $2,162 million and four major CNS/behavioral health franchises (SUBLOCADE, Qelbree, Zurzuvae, Onapgo/GOCOVRI). Closing is expected in Q4 2026, subject to shareholder and regulatory approvals.
Key Facts
- All-stock merger of equals between Supernus and Indivior announced August 3, 2026.
- Combined company LTM net revenue of $2,162 million as of June 30, 2026.
- Four established commercial franchises: SUBLOCADE (OUD), Qelbree (ADHD), Zurzuvae (PPD), Onapgo/GOCOVRI (Parkinson's).
- Supernus CEO Jack Khattar to serve as CEO of the combined company.
- Closing expected in Q4 2026, subject to stockholder and regulatory approvals.
- Exchange ratio is fixed and will not adjust for market price changes.
Financial Impact
Combined LTM net revenue of $2,162 million. No specific deal premium or exchange ratio disclosed in this filing.
Risk Factors
- Shareholder approval required from both companies.
- Regulatory clearance (HSR and others) may delay or block the merger.
- Integration risks and potential loss of key talent.
- Fixed exchange ratio does not adjust for share price movements, creating asymmetric risk.
- Special dividend may increase leverage on the combined entity.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-089839 |
| Document: tm2622009d7_ex99-2.htm | 0001104659-26-089839 |
| Document: tm2622009d7_ex99-3.htm | 0001104659-26-089839 |
| Document: tm2622009d7_ex99-1.htm | 0001104659-26-089839 |
| Document: 0001104659-26-089839-index-headers.html | 0001104659-26-089839 |
| Document: 0001104659-26-089839-index.html | 0001104659-26-089839 |
| Document: 0001104659-26-089839.txt | 0001104659-26-089839 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 11, 2026 20d ago | DEFM14A | $41.49 $42.78 | ▲ +3.11% | ▲ +3.00% | $42.38 (+2.15%) |
Aug 3, 2026 8w ago | DEFA14A / 425 | $43.25 $46.88 | ▲ +8.39% | ▲ +8.49% | $42.38 (−2.01%) |
Aug 3, 2026 8w ago | 8-K | $43.25 $46.88 | ▲ +8.39% | ▲ +8.49% | $42.38 (−2.01%) |
Aug 3, 2026 8w ago | DEFA14A / 425 | $46.00 $47.07 | ▲ +2.33% | ▲ +0.30% | $42.38 (−7.87%) |
Aug 3, 2026 8w ago | 8-K | $46.00 $47.07 | ▲ +2.33% | ▲ +0.30% | $42.38 (−7.87%) |
Aug 3, 2026 8w ago | 8-K | $46.00 $47.07 | ▲ +2.33% | ▲ +0.30% | $42.38 (−7.87%) |
Aug 3, 2026 8w ago | DEFA14A / 425 / 8-K | $46.00 $47.07 | ▲ +2.33% | ▲ +0.30% | $42.38 (−7.87%) |
Jul 22, 2026 10w ago | 8-K | $47.19 $45.61 | ▼ −3.35% | ▼ −3.82% | $42.38 (−10.19%) |
Jul 22, 2026 10w ago | Press Release | $47.19 $45.61 | ▼ −3.35% | ▼ −3.82% | $42.38 (−10.19%) |
Jul 20, 2026 10w ago | Court Ruling | $47.42 $46.20 | ▼ −2.57% | ▼ −2.15% | $42.38 (−10.63%) |
US Market Status
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