Supernus Indivior all-stock merger

KC Pharmaceuticals and Indivior have agreed to merge in a tax-free, all-stock merger of equals, creating a central nervous system-focused biopharmaceutical company with pro forma annual revenue of approximately $2.2 billion, adjusted EBITDA of $888 million, and expected annual cost synergies of $125 million. The combined company will be named Supernus Inc., trade on Nasdaq under ticker SUPN, and be headquartered in Rockville, Maryland. Supernus CEO Jack A. Khattar will lead the combined company, and Indivior director Tony Kingsley will become board chair. The merger brings together 11 commercial medicines across psychiatry, neurology, and addiction, including Supernus' ADHD drug Qelbree and Indivior's opioid use disorder treatment Sublocade. Under the terms, Supernus shareholders will receive 1.5401 Indivior shares per Supernus share, and Indivior shareholders will receive a $1 billion special cash dividend before closing, financed partly by a $650 million term loan from Citigroup — Citibank. Upon completion, Indivior shareholders will own approximately 56.5% of the combined company, and Supernus shareholders approximately 43.5%. The transaction is expected to close in Q4 2026, subject to shareholder and regulatory approvals. Both companies reported strong quarterly results and raised guidance, with Supernus beating earnings estimates and Indivior raising its 2026 sales outlook.