M&A
confidence high
sentiment neutral
materiality 0.35
Indivior supplements merger proxy after Supernus stockholder suits; Cantor DCF values Indivior $24.20-$43.90
Indivior Pharmaceuticals, Inc.
- Supernus stockholders sent demand letters and filed two complaints in NY Supreme Court alleging the joint proxy/prospectus omitted material disclosure; Supernus denies merit but supplements.
- Cantor DCF reference range: Supernus $50.55-$59.50/share (9.5%-11.5% discount rate); Indivior $24.20-$43.90 dividend-adjusted (8.0%-10.0%).
- Merger: Artemis Merger Sub merges into Supernus, which survives as a wholly owned Indivior subsidiary; Indivior renamed Supernus, Inc. Special stockholder votes set for October 15, 2026.
- Indivior valued with ~$249M cash, ~$500M debt and a $1 billion Special Dividend; Supernus with ~$372M cash and $0 debt, using July 28, 2026 management data.
- Terminal growth assumptions range from -10.0% to +3.0% after Dec 31, 2040; fully diluted Indivior share count 124.0M-139.3M.