Supernus-Indivior Merger Closes; $650M Term Loan Funds $1B Special Dividend
SUPN is trading near its 52-week low of $37.54 (12% above the low) on elevated volume (3.3× avg).
Summary
Supernus and Indivior completed their merger on November 2, 2026, creating Supernus, Inc. A new $650 million senior secured term loan, fully drawn at closing, helps fund the $1 billion special dividend to legacy Indivior stockholders.
Key Events · M&A and Partnerships · SUPN
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Merger With Indivior Closes
At 8:18 a.m. ET on November 2, 2026, Supernus became a wholly owned subsidiary of renamed Supernus, Inc.; each Supernus share converted into 1.5401 Indivior shares and SUPN ceased trading on Nasdaq.
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$650M Term Loan Fully Drawn
A Citibank-led senior secured term loan of $650,000,000 was borrowed in full at closing, priced initially at Term SOFR + 2.25% or Base Rate + 1.25%, stepping to SOFR + 2.00%-2.75% based on total net leverage.
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Debt Covenants Added
The credit agreement carries a maximum Total Net Leverage Ratio and minimum Consolidated Interest Coverage Ratio, plus a first-priority lien on substantially all assets of the loan parties.
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Ownership Split 56.5% / 43.5%
On a fully diluted basis, former Indivior stockholders own approximately 56.5% of the combined company and former Supernus stockholders approximately 43.5%.
Analysis · SUPN · Life Sciences
The merger closed at 8:18 a.m. ET on November 2, 2026, with Supernus becoming a wholly owned subsidiary of renamed Supernus, Inc. and SUPN shares ceasing to trade on Nasdaq. What's new is the financing: a $650 million senior secured term loan from a Citibank-led syndicate, borrowed in full at closing to help fund the $1 billion special cash dividend to legacy Indivior holders, with the balance from combined cash. That debt adds leverage and financial covenants (maximum total net leverage, minimum interest coverage) to a company that reported $359.5 million in cash and securities at Q3. Under the exchange ratio of 1.5401 Indivior shares per Supernus share, former Indivior holders end up with roughly 56.5% of the combined company and former Supernus holders about 43.5%.
How filings like this one have moved
In the 30 days to Nov 3, 2026, 40.9% of the 1143 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.37%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, SUPN was trading at $41.92 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $2.4B. The 52-week trading range was $37.54 to $59.68. This filing was assessed with neutral market sentiment and an importance score of 8 out of 10.