M&A · Healthcare · Pharmaceutical Preparations
Indivior Pharmaceuticals Inc. to acquire Supernus Pharmaceuticals, Inc.
Announced Aug 3, 2026 · Closed Nov 2, 2026
Deal value—
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock
Transaction
- Acquirer
- Indivior Pharmaceuticals Inc.
- Target
- Supernus Pharmaceuticals, Inc. (SUPN)
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- —
- Status
- Closed Nov 2, 2026
Deal protections
- Break fee (target pays)
- $174M
- Reverse fee (buyer pays)
- $174M
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Jefferies, Piper Sandler
- To the target
- Cantor Fitzgerald
- Jefferies fee
- $27.5M
- Piper Sandler fee
- $6.8M
Sector context · Healthcare
- Comparable deals
- 108 in the prior 24 months
- Premium
- Sector median 46.0%
- EV / Adj. EBITDA
- Sector median 10.9x
- Break fee
- Sector median 3.5%
Timeline
- AnnouncedAug 3, 2026
- Proxy filedSep 11, 2026
- Definitive proxySep 11, 2026
- Shareholder voteOct 15, 2026
- ClosedNov 2, 2026
Valuation · fairness opinions
Trading comparablesJefferies$40.78$51.91
Trading comparablesJefferies$53.85$62.89
Discounted cash flowJefferies$38.45$48.09
Discounted cash flowJefferies$58.37$76.00
Discounted cash flowJefferies$38.58$48.23
Discounted cash flowPiper Sandler$39.93$48.31
Discounted cash flowPiper Sandler$57.61$71.21
Trading comparablesPiper Sandler$46.01$61.84
Trading comparablesPiper Sandler$36.50$42.84
Trading comparablesPiper Sandler$59.11$69.74
Implied value per Supernus Pharmaceuticals, Inc. share by analysis, from Jefferies and Piper Sandler.