Supernus and Indivior to Merge, Creating CNS Biopharmaceutical Leader
Supernus Pharmaceuticals, Inc. and Indivior Pharmaceuticals Inc. have entered into a definitive agreement for an all-stock merger of equals. The combined entity, to be named Supernus, Inc., will create a diversified CNS biopharmaceutical leader with significant scale, trading on Nasdaq under the ticker "SUPN". Supernus stockholders will receive 1.5401 shares of Indivior for each Supernus share, resulting in Indivior stockholders owning approximately 56.5% and Supernus stockholders 43.5% of the combined company. The transaction is expected to generate $2.2 billion in pro forma net revenue, $888 million in pro forma adjusted EBITDA, and $125 million in annual cost synergies. Indivior will also issue a $1.0 billion special cash dividend to its stockholders, partially financed by a $650 million term loan.
Key Highlights
- Supernus and Indivior to merge in an all-stock transaction, creating a CNS biopharmaceutical leader.
- Supernus stockholders to receive 1.5401 Indivior common shares for each Supernus share.
- Indivior stockholders to own approximately 56.5% and Supernus stockholders 43.5% of the combined company.
- Combined company to be named Supernus, Inc. and trade under ticker "SUPN" on Nasdaq.
- Jack Khattar to serve as President and CEO; Tony Kingsley as Board Chair.
- Expected pro forma net revenue of $2.2 billion and adjusted EBITDA of $888 million.
- Anticipated $125 million in annual cost synergies.
- Indivior to declare a $1.0 billion special cash dividend to its stockholders prior to closing, financed by $650 million debt.
Price Impact
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