Supernus and Indivior agreed to combine in an all-stock deal valued at about $1.8 billion, creating a larger CNS platform spanning neurological and addiction programs. Under the terms, Indivior shareholders will receive 0.2683 shares of Supernus for each Indivior share, with Supernus owning about 58% of the combined company at closing. The merged entity plans operating efficiencies estimated at roughly $125 million in annual cost synergies by end of 2027 and expects positive adjusted EBITDA in the first full year after closing. The companies cited pipeline and commercial synergies while noting the transaction remains subject to regulatory approvals expected to clear before a second-half 2026 close. The move tightens the CNS consolidation cycle at a time when developers are pressing to extend commercial lifecycles and spread clinical and regulatory risk across broader portfolios.