Supernus Pharmaceuticals and Indivior Pharmaceuticals, companies that built businesses in different areas of neuroscience, have reached a deal to combine into an entity with a broader portfolio of products and the financial flexibility to pursue additional avenues for growth.
The agreement announced Monday is an all-stock deal that the companies describe as a merger of equals. The combined entity will be named Supernus, Inc., trading on the Nasdaq under the stock symbol “SUPN,” which is Supernus Pharmaceuticals’ current ticker. Tony Kingsley, currently a member of Indivior’s board of directors, will be the board chair of the combined company. Supernus Pharmaceuticals President and CEO Jack Khattar will its chief executive.
“We view this as being the ideal time for two companies that have done so much, progressed so much, are in a position of strength, getting together and creating a very powerful combination that otherwise would not exist,” Khattar said during a Monday morning conference call.
Indivior specializes in medicines for opioid use disorder. Most of its $1.2 billion in 2025 revenue came from Sublocade, a long-acting injectable formulation of buprenorphine for treating opioid use disorder. The Richmond, Virginia-based company also markets Suboxone, which is a sublingual film that contains buprenorphine and naloxone to treat opioid use disorder.
Indivior CEO Joe Ciaffoni said during the call that his company was looking for ways to grow and diversify its portfolio with the addition of commercial-stage assets. Indivior was also looking for a deal that offered the potential for expansion into other therapeutic areas. Merging with Supernus offered “the most compelling and best opportunity,” he said.
Supernus Pharmaceuticals has the broader portfolio, with commercialized products for attention-deficit hyperactivity disorder (ADHD), Parkinson’s disease, and depression. The Rockville, Maryland-based company’s $718.9 million in total revenue for 2025 was led by Quelbree, which won FDA approval in 2021 as a treatment for ADHD. Its newest neuroscience indication is post-partum depression through the 2025 acquisition of Sage Therapeutics and the FDA-approved drug Zurzuvae. Revenue for Zurzuvae is split with Biogen, which developed the drug in partnership with Sage.
In total, Supernus, Inc. will have 11 commercialized products representing nearly $2.2 billion in revenue for the 12 months ended June 30, 2026. Khattar noted that that the combined company will have additional firepower to pursue more growth opportunities. Beyond stating that the new Supernus will have pro forma earnings of about $888 million — including $125 million in annual savings from the tie-up — no details were given about the combined business’s cash position.
Khattar said the new Supernus will continue to focus on CNS disorders with the potential to explore adjacent indications. For example, Zurzuvae’s approval in post-partum depression gives Supernus a place in women’s health, he said. Khattar also noted the Sage acquisition came with a drug discovery platform, adding that details about the technology’s contributions to the pipeline will come in the future.
The financial terms of the merger call for Supernus Pharmaceuticals shareholders to receive 1.54 shares of Indivior. Before the deal closes, Indivior will declare a one-time dividend totaling $1 billion for shareholders prior to the merger. To finance this dividend, the companies have secured $650 million in debt financing; the remaining portion will be funded by cash from the combined company. After the deal close, Indivior shareholders will own about 56.5% of the combined company while Supernus Pharmaceuticals shareholders will own about 43.5%.
Supernus, Inc. will be headquartered at the current Supernus Pharmaceuticals site in Maryland. The merger still needs the approval of shareholders of both companies as well as the customary regulatory approvals. Supernus and Indivior expect to complete the transaction in the fourth quarter of this year.
Photo: Matthew Horwood, Getty Images
