Padmanabh P. Bhatt, SVP of IP and Chief Scientific Officer at Supernus, Inc., filed a Form 4 on November 4, 2026, disclosing changes in beneficial ownership resulting from the November 2, 2026 merger between Supernus Pharmaceuticals, Inc. and Indivior Pharmaceuticals, Inc.

Key Highlights

  • Merger effective date: The merger closed on November 2, 2026, with Artemis Merger Sub Inc. merging into Supernus Pharmaceuticals, Inc., which survived as a wholly-owned subsidiary of Indivior, which then renamed itself "Supernus, Inc."
  • Exchange ratio: Each share of Supernus Pharmaceuticals common stock was cancelled and converted into the right to receive 1.5401 shares of Supernus, Inc. (formerly Indivior) common stock.
  • Common stock acquired: Bhatt acquired 28,702 shares of Supernus, Inc. common stock at $0.00 (transaction code J) via the merger conversion, held directly.
  • Equity awards converted: All outstanding Supernus Pharmaceuticals equity awards held by Bhatt were assumed and converted into Supernus, Inc. awards at the 1.5401 exchange ratio, with exercise prices divided by that ratio and rounded up to the nearest whole cent.
  • Special RSU grant: 154,010 restricted stock units tied to the merger closing were reported, with 50% vesting at closing and the remainder vesting over one, two, and three years post-closing.
  • Four employee stock options converted: Options with exercise prices of $25.07, $18.15, $21.77, and $32.60 covering 7,700, 23,101, 30,802, and 20,791 shares, respectively, were converted into Supernus, Inc. awards.
  • No cash consideration: According to the filing, Bhatt "received no cash consideration other than cash in lieu of a fractional share."

Bhatt's Holdings Converted as Supernus Pharmaceuticals and Indivior Complete Merger

According to the filing, the transaction arose from an Agreement and Plan of Merger dated August 1, 2026, among Indivior Pharmaceuticals, Inc., Artemis Merger Sub Inc., and Supernus Pharmaceuticals, Inc. At the effective time on November 2, 2026, Artemis Merger Sub Inc. merged into Supernus Pharmaceuticals, Inc., with Supernus Pharmaceuticals surviving as a wholly-owned subsidiary. Indivior then changed its name to "Supernus, Inc." The issuer is identified in the filing as Supernus, Inc. with ticker symbol SUPN, listed on NASDAQ:SUPN.

All transactions in the filing carry transaction code J, indicating a form of exchange rather than an open-market purchase or sale. Bhatt's pre-existing shares of Supernus Pharmaceuticals common stock were disposed of and replaced with 28,702 shares of Supernus, Inc. common stock received in the exchange, all held directly. In addition, all of Bhatt's outstanding equity awards, including four tranches of employee stock options and multiple restricted stock unit grants with various vesting schedules, were assumed by Supernus, Inc. and converted using the 1.5401 multiplier for share counts and the inverse for exercise prices. The filing notes that performance stock unit awards were converted into time-vesting restricted stock units, subject to substantially the same terms and conditions that applied before the merger.

Among the restricted stock unit awards reported, the largest is 154,010 units with a vesting schedule tied directly to the merger closing: 50% at closing, 15% at the one-year anniversary, 15% at the two-year anniversary, and 20% at the three-year anniversary. Other RSU grants vest on specific calendar dates ranging from December 31, 2027 through June 30, 2029. All derivative securities are held directly by Bhatt. The filing was signed by Timothy C. Dec as attorney-in-fact on November 4, 2026.

What Was Disclosed

The filing reports changes in Padmanabh P. Bhatt's beneficial ownership of Supernus, Inc. securities resulting from the November 2, 2026 merger, including the conversion of 28,702 common shares and multiple equity awards at a 1.5401 exchange ratio, with no cash consideration beyond a fractional share.