Analysis SUPN
Supernus's $1 billion merger payout comes with a new debt bill
The completed Supernus-Indivior merger funds a special payout with new borrowing. Earlier filings show the old Supernus bank line had nothing outstanding.
Ticker Byline
Supernus, Inc.
A completed merger brings together Supernus and Indivior, with new borrowing funding part of a special dividend to former Indivior shareholders.
- Ticker
- SUPN
- Exchange
- XNAS
- SEC CIK
- 0001625297
- Previous ticker
- INDV
Supernus, Inc. develops and sells medicines for central nervous system conditions. Its portfolio includes SUBLOCADE for opioid use disorder, Qelbree for attention-deficit hyperactivity disorder and medicines for Parkinson’s disease and postpartum depression. Trading on Nasdaq under SUPN begins November 3, 2026.
A new company behind a familiar ticker
The merger of Supernus Pharmaceuticals and Indivior closed November 2, 2026. The surviving legal parent, previously Indivior, has SEC CIK 0001625297 and was renamed Supernus, Inc. Former Supernus Pharmaceuticals, CIK 0001356576, became a subsidiary.
Each former Supernus Pharmaceuticals share became 1.5401 parent shares. Former Indivior holders own approximately 56.5% of the company and former Supernus holders own 43.5%, on a fully diluted basis. Jack Khattar is president and chief executive officer.
The last standalone quarter
These figures describe the separate businesses before the merger. Each quarter ended September 30; all figures below are GAAP and in USD millions.
| Legacy Supernus Pharmaceuticals | Q3 2026 | Q3 2025 |
|---|---|---|
| Revenue | 226.8 | 192.1 |
| Operating income (loss) | 21.2 | (60.2) |
| Net income (loss) | 20.9 | (45.1) |
The year-earlier loss included costs associated with the Sage acquisition. For the first nine months of 2026, operating cash flow was $68.3 million, compared with $27.5 million a year earlier. At September 30, cash was $175.9 million and marketable securities were $183.6 million.
| Legacy Indivior | Q3 2026 | Q3 2025 |
|---|---|---|
| Revenue | 356 | 314 |
| Net income | 137 | 42 |
Indivior’s operating cash flow for the first nine months was $317 million, compared with $194 million a year earlier. Its September 30 balance sheet held $305 million of cash and $27 million of investments. These are balances from before the merger and special dividend.
The payout and borrowing
The merger gives former Indivior holders a $1 billion special dividend. A new $650 million term loan, fully drawn at closing, finances part of the payment; the balance comes from existing cash.
Legacy Supernus had already terminated its UBS credit line on October 20 with nothing outstanding. Indivior’s debt that can convert into shares had a balance-sheet value of $488 million and a $500 million face amount due in 2031.
What replaces the old forecasts?
Both companies said their standalone 2026 outlooks would cease to apply once the merger closed. A new combined outlook will provide the basis for judging integration, cash generation and the cost of the expanded debt obligations.
For future reporting, legacy Supernus is the accounting acquirer even though the surviving legal issuer was Indivior.
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