Supernus and Indivior agreed to merge in a tax-free, all-stock “merger of equals,” forming a CNS-focused company expected to close in the fourth quarter of 2026. The combined firm will operate under the Supernus name and carry a diversified commercial portfolio of 11 CNS-targeting medicines. Indivior’s Sublocade is expected to remain a core revenue driver for opioid use disorder, while the merged company adds broader neurological and psychiatric assets. The transaction structure includes a one-time special cash dividend to Indivior shareholders immediately prior to closing and creates Supernus shareholders’ stock participation in the combined entity. Beyond portfolio breadth, the deal frames operational synergies as part of the rationale for joining the companies’ commercial and development capabilities around CNS indications, rather than competing as standalone specialists.