markets · · seekingalpha.com
Supernus Pharmaceuticals: The Merger Is Priced Like A Retreat, But Reads Like A Reverse Takeover
Supernus Pharmaceuticals merges with Indivior, gaining operational control and exposure to a larger, cash-generating CNS and addiction platform. SUPN's growth products now comprise 80% of revenue, with Qelbree and ZURZUVAE driving robust prescription and sales growth. Combined entity targets $2.2B revenue, $888M adjusted EBITDA, $125M synergies, and trades at ~7x synergized EBITDA—suggesting a mispriced, underappreciated value.
Supernus Pharmaceuticals merges with Indivior, gaining operational control and exposure to a larger, cash-generating CNS and addiction platform. SUPN's growth products now comprise 80% of revenue, with Qelbree and ZURZUVAE driving robust prescription and sales growth. Combined entity targets $2.2B revenue, $888M adjusted EBITDA, $125M synergies, and trades at ~7x synergized EBITDA—suggesting a mispriced, underappreciated value.
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