Supernus Pharmaceuticals and Indivior have signed an all-stock, tax-free merger agreement to form a new CNS-focused company. The deal, described as a “merger of equals,” will combine Supernus’ neurological portfolio with Indivior’s addiction-focused medicines, with the combined company expected to operate under the Supernus name. Shareholders will receive Supernus stock based on exchange ratios, while Indivior stockholders will receive a $1 billion aggregate special cash dividend prior to closing. The companies said the transaction is expected to close in the fourth quarter of 2026, subject to regulatory approvals and customary closing conditions, with projected annual cost synergies of about $125 million by the end of 2027. The combined entity is expected to bring together commercial and pipeline synergies across addiction, attention-deficit hyperactivity disorder, depression and Parkinson’s disease, including Indivior’s Sublocade and Supernus’ FDA-approved apomorphine infusion device SPN-830 (ONAPGO) for Parkinson’s OFF episodes.