MergerAug 3, 2026, 08:38 AM
Indivior & Supernus Announce Merger of Equals; $2.2B Combined Revenue
AI Summary
Indivior Pharmaceuticals, Inc. and Supernus Pharmaceuticals, Inc. announced a definitive merger agreement to create a diversified CNS biopharmaceutical leader. The transaction is structured as a 100% tax-free stock-for-stock merger, with Supernus shareholders receiving 1.5401 Indivior shares per Supernus share. Prior to closing, Indivior will declare a $1 billion dividend to its pre-closing shareholders. The combined entity is expected to have pro forma net revenues of $2.2 billion and realize at least $125 million in annual cost synergies, with a targeted closing in Q4 2026.
Key Highlights
- Indivior and Supernus announced a merger of equals in a 100% tax-free stock-for-stock transaction.
- Supernus shareholders will receive 1.5401 Indivior shares for each Supernus share.
- Indivior will declare a $1 billion aggregate dividend to pre-closing shareholders.
- The combined company is projected to have pro forma net revenues of $2.2 billion (LTM 6/30/26).
- Expected annual cost synergies are at least $125 million.
- Pro forma Adjusted EBITDA is $888 million with a 41% margin and net leverage of 0.99x.
- Indivior shareholders will own 56.5% and Supernus shareholders 43.5% of the combined entity.
- The transaction is targeted to close in Q4 2026, pending shareholder and regulatory approvals.
Price Impact
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