Indivior Stock Surges on Supernus Merger and Upgraded Outlook

Indivior (LON:INDV) stock surged in pre-open trading after the biopharmaceutical firm announced a definitive all-stock merger with Supernus Pharmaceuticals (NASDAQ:SUPN) and simultaneously raised its full-year outlook, creating a powerful combination of positive catalysts for investors.

The Merger Agreement

The transaction is structured as a merger of equals, creating a diversified biopharmaceutical company with estimated combined annual revenues of $2.2 billion. According to the announcement, the deal will combine two complementary businesses focused on central nervous system (CNS) treatments.

Under the terms of the agreement:

• Supernus stockholders will receive 1.5401 Indivior common shares for each share of Supernus they own.
• Indivior stockholders will receive an aggregate $1.0 billion special cash dividend immediately before the transaction closes.
• The dividend will be funded in part by a new $650 million term loan.

The combined entity will operate under the Supernus name and will trade on the NASDAQ exchange under the ticker SUPN.

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Upgraded Financial Guidance

Compounding the merger news, Indivior also published strong second-quarter 2026 financial results and raised its full-year 2026 forecast. The company now projects SUBLOCADE net revenue growth of 20% year-over-year and adjusted EBITDA growth of 68% year-over-year at the midpoint of its guidance ranges.

The company's accelerating profitability was evident in its first-half results, where adjusted EBITDA for the first half of 2026 reached $350 million, more than doubling from $165 million in the same period a year prior. Supernus also reported strong standalone second-quarter results, with revenues up 32% year-over-year, reinforcing the financial logic of the combination.

Market Reaction

Investors reacted positively to the dual announcements, sending Indivior stock up nearly 9.9% to $43.97 in pre-market trading. The move pushed the stock past its prior 52-week high of $42.81. The surge reflects investor confidence in both the immediate shareholder return from the special dividend and the potential for long-term value creation from the newly combined enterprise.