Indivior Completes Supernus Merger With $650 Million Term Loan as Rallybio Sets $83.6 Million Shareholder Distribution

Indivior has completed its merger with Supernus Pharmaceuticals and secured a $650 million senior secured term loan, marking a significant restructuring of the companies’ pharmaceutical businesses and capital base.

The transaction closed on November 2, 2026, according to a filing with the U.S. Securities and Exchange Commission. Indivior was renamed Supernus, Inc., while Supernus Pharmaceuticals became a wholly owned subsidiary of the combined company.

Supernus merger closes with new debt financing

The combined company borrowed the full $650 million principal amount under a new credit agreement on the closing date. Citibank acted as administrative agent and a lender under the facility.

The debt financing gives the enlarged pharmaceutical group additional liquidity following the merger, while also increasing its financial obligations. The transaction resulted in changes to the company’s senior leadership, including the departure of Indivior’s former chief executive and chief financial officer.

Indivior’s board had previously approved an $8.13-per-share special dividend tied to the transaction. The dividend was conditional on the merger closing, although the November 2 filing did not provide the payment date in the material describing the completion.

For investors, the completed deal is more consequential than the earlier merger announcement because ownership has transferred and the new financing is now outstanding. The company’s future performance will depend on integrating the businesses, managing the additional debt and executing its pharmaceutical growth strategy.

Rallybio prepares $83.6 million distribution before Avenzo combination

In a separate biotechnology transaction, Rallybio disclosed that it had set the aggregate value of a special cash distribution to shareholders and certain pre-funded warrant holders at $83.6 million, or $13.90 per share.

The distribution is connected to Rallybio’s planned merger with Avenzo Therapeutics. The payment was scheduled for holders of record as of November 5, 2026, with the transfer agent expected to begin distributing the cash on November 13.

Rallybio said it expected the merger to close on November 6, subject to the satisfaction or waiver of remaining closing conditions. The filing also stated that the companies did not intend to complete a reverse stock split before the merger closed.

The arrangement gives investors a clearly defined cash component ahead of the corporate combination, but the filing’s language made clear that the merger remained subject to closing conditions at the time of the announcement. Investors therefore need to distinguish between the declared distribution and the completion of the broader transaction.

Together, the two developments highlight continuing capital activity in the pharmaceutical and biotechnology sectors. The Indivior-Supernus transaction has reached completion and added substantial secured borrowing to the combined company, while Rallybio’s distribution provides a more immediate cash element for eligible holders as its merger process advances.