Supernus, Indivior strike $3 billion CNS deal to create neuroscience powerhouse

Neuroscience-focused pharmaceutical companies Supernus and Indivior are merging to create a central nervous system (CNS) powerhouse with annual revenue of about $3 billion.

According to the biotech publication BioPharma Dive on the 3rd local time, the companies announced plans to merge their CNS disease expertise. Their combined revenue totaled $2 billion in 2025.

Under the terms of the agreement, Supernus shareholders will receive 1.54 Indivior shares for each share they own. Indivior shareholders will receive a one-time special cash dividend of $1 billion before the transaction closes.

The dividend will be funded through a $650 million loan and cash held by the two companies. Once the transaction is completed, existing Indivior shareholders will own about 57% of the combined company, while Supernus shareholders will own about 43%.

The merged company will retain the Supernus name, with headquarters at Supernus’ existing office in Rockville, Maryland. Jack Khattar, Supernus’ current chief executive officer, is expected to lead the combined company.

The merger will create an 11-product portfolio spanning psychiatry, neurology and addiction disorders. Indivior’s largest revenue source is Sublocade, a long-acting injectable for opioid use disorder.

Supernus, meanwhile, saw revenue from its own products decline 2% in 2025 because of generic competition for the seizure treatment Oxtellar XR and other products. The launch of Onapgo, a new Parkinson disease treatment device, was also delayed because of supply issues.

The companies expect the merger to generate annual cost savings of about $125 million. The combined company is projected to generate $2.2 billion in revenue and $888 million in earnings.

“We are well positioned to drive significant and sustainable growth across a diversified pharmaceutical portfolio, leveraging our combined commercial expertise and enhanced capabilities,” Jack Khattar, CEO, said in a statement.

Indivior shares fell 6% in early trading after the merger was announced, while Supernus shares surged 16%. The transaction is expected to close in the fourth quarter of 2026.