Supernus Pharmaceuticals and Indivior have agreed to merge in an all-stock transaction that they described as a “merger of equals,” creating a new CNS-focused company. Under the terms, Indivior shareholders will receive a mix of stock and a $1 billion special cash dividend prior to closing, while the combined firm is expected to operate under the Supernus name. The deal is positioned to deliver structural and pipeline synergies across addiction, attention-deficit hyperactivity disorder, depression and Parkinson’s disease, with Supernus bringing the FDA-approved apomorphine infusion device SPN-830 (ONAPGO) to the commercial portfolio. Regulatory approvals are required and the companies expect closing in the second half of 2026, with annual cost synergies projected to ramp to about $125 million by the end of 2027.