Supernus Pharmaceuticals and Indivior have agreed to combine into a single company, creating one of the larger dedicated central nervous system biopharmaceutical players in the industry, and keeping its headquarters right here in Rockville, Maryland. The combined company will be called Supernus, Inc., trade under the existing SUPN ticker on Nasdaq, and bring together roughly $2.2 billion in combined annual revenue under one roof.
The Deal Terms
This is structured as a tax-free, all-stock merger of equals rather than one company simply buying the other. Supernus shareholders will receive 1.5401 Indivior shares for every Supernus share they own, and just before the deal closes, Indivior shareholders will get a one-time $1 billion special cash dividend, funded partly through a $650 million term loan from Citibank and partly from the combined company’s own cash. When the dust settles, Indivior shareholders will own about 56.5% of the combined company and Supernus shareholders about 43.5%, on a fully diluted basis.
Jack Khattar, Supernus’s current President and CEO, will lead the combined company in the same roles, while Tony Kingsley, currently an Indivior board member, will become Board Chair. The new board will have eight directors, split evenly between the two companies. Both boards approved the deal unanimously, and the companies expect to close in the fourth quarter of 2026, pending shareholder votes, regulatory approval, and the usual closing conditions.
An 11-Product CNS Portfolio Built for the Next Decade
The strategic logic here is straightforward: Supernus and Indivior treat overlapping but distinct corners of central nervous system disease, and putting them together creates real scale. Supernus brings approved treatments spanning ADHD, Parkinson’s-related dyskinesia, postpartum depression, epilepsy, migraine, cervical dystonia, and chronic sialorrhea, along with a pipeline of novel CNS candidates. Indivior, based in Richmond, Virginia, brings 25-plus years of focus on long-acting injectable treatments for opioid use disorder, built around treating addiction as a chronic, treatable brain disease. Combined, the companies say they’ll have an 11-product portfolio they expect can drive growth through the 2030s, along with $125 million in projected annual cost synergies, pro forma adjusted EBITDA of $888 million, and a net leverage ratio under 1x, a notably clean balance sheet for a merger of this size.
Jack Khattar framed the deal around shared purpose: “This merger brings together two complementary organizations with a shared vision of improving the lives of people living with central nervous system diseases.” Indivior CEO Joe Ciaffoni echoed that, tying it back to who actually benefits: “Bringing our two organizations together is intended to deliver greater value to the patients, healthcare communities, and stockholders we serve.”
A Maryland Headquarters, Now With More Weight Behind It
For the region, the detail that matters most is the one easy to miss in a deal this size: the combined company is staying headquartered in Rockville, not relocating to Richmond or anywhere else. That means Maryland keeps, and effectively grows, a Nasdaq-listed CNS biopharma company with $2.2 billion in combined revenue and an 11-product portfolio operating out of Montgomery County. Mergers of this scale don’t always leave the smaller-market headquarters standing once the deal closes, so the decision to keep Rockville as home base is a real vote of confidence in the location, not just a technicality of how the transaction was structured. It’s one more data point for a state that keeps making the case that its biotech corridor can anchor major, publicly traded, multi-billion-dollar companies, not just early-stage startups and research institutions.
About Supernus Pharmaceuticals
Supernus is a biopharmaceutical company focused on developing and commercializing products for the treatment of central nervous system (CNS) diseases.
Supernus’ diverse neuroscience portfolio includes approved treatments for attention-deficit hyperactivity disorder (ADHD), dyskinesia in Parkinson’s disease (PD) patients receiving levodopa-based therapy, hypomobility in PD, postpartum depression (PPD), epilepsy, migraine, cervical dystonia, and chronic sialorrhea. We are developing a broad range of novel product candidates for CNS disorders.
For more information, please visit www.supernus.com.
About Indivior Pharmaceuticals
As the leader in long-acting injectable treatments for opioid use disorder (OUD), Indivior is singularly focused on delivering evidence-based treatment and advancing understanding of OUD as a chronic but treatable brain disease. For more than 25 years, we have revolutionized the science of addiction medicine, developing treatments that help people move toward long-term recovery with independence and dignity. Building on this heritage, we are ushering in a new era, renewing our commitment to individuals living with OUD and carrying forward what matters most: compassion, integrity, and science. Together – with science, people living with OUD, public health champions, and communities – we are powering recovery and renewing hope. Visit www.indivior.com to learn more.
