Supernus Pharmaceuticals and Indivior announced a tax-free, all-stock merger of equals, combining to create a CNS-focused company under the Supernus name. The companies said the deal is structured to close in the fourth quarter of 2026 and will bring a portfolio of 11 commercialized CNS-targeting medicines. Indivior’s Sublocade (buprenorphine extended-release subcutaneous injection) is expected to lead the merged portfolio following close, with both companies citing structural synergies and a diversified revenue base across addiction, ADHD, depression, and Parkinson’s disease categories. Under the terms, Supernus shareholders will receive 1.5401 shares of Indivior common stock for each Supernus share, while Indivior stockholders will receive a one-time special cash dividend of $1 billion immediately prior to closing and will hold about 56.5% of the combined firm.