Two growing companies, Supernus Pharmaceuticals and Indivior Pharmaceuticals, have agreed to merge in an all-stock transaction to form a new central nervous system-focused biopharma.
With anticipated sales of $2.2 billion this year, Supernus and Indivior are seeking to cash-in on their scale for business development opportunities and to take advantage of an expected $125 million in annual cost savings.
The new outfit will retain Supernus’ name and will be led by its CEO Jack Khattar, who established the Maryland-based company 21 years ago.
“We view this as being the ideal time for two companies that have done so much, progressed so much, that are in a position of strength, getting together and creating a very powerful combination that otherwise would not exist,” Khattar said on a Monday conference call.
The merger brings together five growth products, including four from Supernus. Indivior’s contribution is with opioid use disorder treatment Sublocade, which generated $253 million in the second quarter for a 21% increase year over year. On Monday, Indivior boosted its 2026 guidance on sales of the controlled substance, now expecting it to become a blockbuster.
Supernus brings ADHD drug Qelbree, which was approved in 2021 and generated $89 million in sales in the second quarter, up 17%, and postpartum depression treatment Zurzuvae, which it acquired in its $561 million buyout of Sage Therapeutics last year. In the first half of this year, Supernus collected $63 million in collaboration revenue for Zurzuvae from commercial partner Biogen.
“This transaction enhances and diversifies our growth profile,” Khattar said on Monday’s 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.”
The companies have a combined market cap of $7.5 billion, with $4.7 billion of that coming from Indivior, which is based in North Chesterfield, Virginia. With news of the merger, Supernus’ share price increased by 3%, while Indivior’s dropped by 6%.
“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,” Indivior CEO Joe Ciaffoni said during the call.
Supernus shareholders will receive 1.5401 common shares of Indivior for each share that they own. Indivior shareholders will receive a $1 billion special cash dividend upon close of the deal, which is expected in the fourth quarter. The new board of directors will include four members from each company.