The merger of equals creates a diversified CNS leader with significant scale and pipeline breadth. Traders should monitor the upcoming S-4 filing for the exchange ratio and special dividend details, as well as shareholder vote timelines. The fixed exchange ratio introduces relative value risk between SUPN and Indivior shares ahead of close.
Price Chart
Executive Summary
Supernus and Indivior announced an all-stock merger of equals to create a combined CNS biopharma company with ~$2.2B in LTM net revenue. The deal is expected to close in Q4 2026, pending shareholder and regulatory approvals. Supernus CEO Jack Khattar will lead the combined company, and the Supernus leadership team will join the expanded management team.
Key Facts
- Supernus and Indivior entered into an all-stock merger of equals.
- Combined company net revenue was ~$2,162 million for the twelve months ended June 30, 2026.
- Closing expected in Q4 2026.
- Supernus CEO Jack Khattar will serve as CEO of the combined company.
- The combined company will have four established commercial franchises: SUBLOCADE (opioid use disorder), Qelbree (ADHD), Zurzuvae (postpartum depression), and Onapgo/GOCOVRI (Parkinson's disease).
- Supernus leadership team will be part of the expanded combined company leadership team.
Financial Impact
Combined company LTM net revenue of ~$2.2 billion as of June 30, 2026, combining Supernus (~$830M from Qelbree, Other, Gocovri, Zurzuvae) and Indivior (~$1.33B from Sublocade, Suboxone, Other).
Risk Factors
- Failure to obtain required shareholder or regulatory approvals.
- Integration risks and potential failure to realize anticipated synergies.
- Fixed exchange ratio creates risk if market prices diverge before close.
- Additional indebtedness to fund the special dividend could strain combined company balance sheet.
- Stockholder litigation could delay or derail the transaction.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 8 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| DEFA14A Filing (SUPN) — Batch item 1 | 0001104659-26-089849 |
| Document: tm2622009d7_ex99-2.htm | 0001104659-26-089848 |
| Document: tm2622009d7_ex99-3.htm | 0001104659-26-089849 |
| Document: tm2622009d7_ex99-1.htm | 0001104659-26-089849 |
| Document: 0001104659-26-089849-index-headers.html | 0001104659-26-089849 |
| Document: 0001104659-26-089849-index.html | 0001104659-26-089849 |
| Document: 0001104659-26-089849.txt | 0001104659-26-089849 |
| 425 Filing (SUPN) — Batch item 8 | 0001104659-26-089848 |
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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