Supernus Pharmaceuticals and Indivior Pharmaceuticals have agreed to an all-stock merger of equals to create a central nervous system biopharmaceutical company named Supernus, Inc. The combined entity will market 11 commercialized medicines, generating an estimated $2.2 billion in annual revenue and $888 million in pro forma adjusted EBITDA. Led by Supernus CEO Jack Khattar, the company will leverage Indivior's dominant opioid use disorder treatment SUBLOCADE alongside Supernus's neurology portfolio, targeting $125 million in annual cost savings.
Supernus-Indivior merger structure
- ▪Supernus Pharmaceuticals and Indivior Pharmaceuticals agreed to an all-stock merger of equals to combine into a single central nervous system biopharmaceutical company named Supernus, Inc.
- ▪Indivior Pharmaceuticals shareholders will receive a one-time special cash dividend of $1 billion immediately prior to the closing of the merger.
- ▪Supernus Pharmaceuticals shareholders will receive 1.5401 shares of Indivior Pharmaceuticals common stock for each Supernus share they own.
- ▪The merger is expected to close in the fourth quarter of 2026, subject to shareholder and regulatory approvals.
- ▪Indivior Pharmaceuticals shareholders will own approximately 56.5% of the combined company, while Supernus Pharmaceuticals shareholders will own approximately 43.5%.
- ▪The $1 billion special cash dividend will be funded with a $650 million term loan from Citibank, N.A., and the remainder from existing cash.
SUBLOCADE commercial performance
- ▪SUBLOCADE maintained a 76% market share of the United States long-acting injectable opioid use disorder category as of the second quarter of 2026.
- ▪Indivior Pharmaceuticals' once-monthly injectable buprenorphine formulation, SUBLOCADE, generated $253 million in net revenue during the second quarter of 2026.
- ▪SUBLOCADE recorded 32,816 new patient starts in the second quarter of 2026, bringing its cumulative U.S. patient count to 545,000 since its 2018 launch.
Complementary CNS portfolio strategy
- ▪Supernus Pharmaceuticals President and CEO Jack Khattar will serve as CEO of the combined company, while Indivior board member Tony Kingsley will serve as board chair.
- ▪The combined company will be headquartered at Supernus Pharmaceuticals' existing location in Rockville, Maryland, and remain listed on Nasdaq under the ticker SUPN.
- ▪The combined company will market 11 commercialized medicines spanning psychiatry, neurology, and addiction treatment.
Opioid use disorder treatment landscape
- ▪A Rutgers University study published in July 2026 found that long-acting injectable buprenorphine prescriptions increased tenfold from 2021 to 2024.
- ▪A 2024 CDC study found that only 25% of United States adults who needed opioid use disorder treatment in 2022 received recommended medications.
Combined company financial profile
- ▪The combined company is projected to generate approximately $2.2 billion in annual revenue and $888 million in pro forma adjusted EBITDA.
- ▪The companies expect to achieve approximately $125 million in annual cost savings through operational integration.
- ▪The combined company is expected to carry approximately $878 million in net debt at the closing of the transaction.
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