Supernus and Indivior merge in all-stock deal to create CNS-focused biopharma
Supernus Pharmaceuticals (SUPN) and Indivior (INDV) have agreed to merge in an all-stock transaction to form a central nervous system-focused biopharma, the companies announced, combining five growth-stage products and a combined market capitalization of $7.5bn.
The merged entity will retain the Supernus name and be led by its founder and chief executive Jack Khattar, who established the Maryland-based company 21 years ago. The new board will comprise four directors from each company, and the deal is expected to close in the fourth quarter.
With projected combined sales of $2.2bn this year, the two companies are positioning the tie-up as a platform for expanded business development activity that neither could pursue independently. The transaction is expected to generate $125mn in annual cost savings.
"As a merger of equals, we were able to preserve balance-sheet strength that strongly positions the new company to execute on business development opportunities at a level that neither company could contemplate today on their own," said Joe Ciaffoni, chief executive of Indivior, which is based in North Chesterfield, Virginia and accounts for $4.7bn of the combined market cap.
The merger brings together four Supernus products and one from Indivior. Indivior's primary contribution is Sublocade, its injectable treatment for opioid use disorder, which generated $253mn in second-quarter revenue, up 21 per cent year over year. Indivior on Monday raised its 2026 sales guidance for the drug, now expecting it to reach blockbuster status.
Supernus adds ADHD treatment Qelbree, approved in 2021, which posted $89mn in second-quarter sales, up 17 per cent, alongside postpartum depression drug Zurzuvae, acquired as part of Supernus' $561mn buyout of Sage Therapeutics last year. In the first half of 2026, Supernus recorded $63mn in collaboration revenue for Zurzuvae from commercial partner Biogen (BIIB).
"This transaction enhances and diversifies our growth profile," Khattar said on the conference call. "It gives us a differentiated portfolio with key growth products expected to grow well into the 2030s. It also establishes us in four key commercial therapeutic areas — addiction, ADHD, depression and Parkinson's disease."
Under the terms of the agreement, Supernus shareholders will receive 1.5401 Indivior common shares for each share held. Indivior shareholders will receive a $1bn special cash dividend upon closing. Supernus shares rose 3 per cent on the news, while Indivior shares fell 6 per cent.