Director Carrolee Barlow filed a Form 4 with the SEC on November 4, 2026, disclosing changes in beneficial ownership of Supernus, Inc. common stock and equity awards resulting from the merger effective November 2, 2026, in which Indivior Pharmaceuticals, Inc. merged with Supernus Pharmaceuticals, Inc. and subsequently renamed itself Supernus, Inc.

Key Highlights

  • Merger effective date: The transaction closed on November 2, 2026, pursuant to an Agreement and Plan of Merger dated August 1, 2026, among Indivior Pharmaceuticals, Inc., Artemis Merger Sub Inc., and Supernus Pharmaceuticals, Inc.
  • Exchange ratio: Each share of Supernus Pharmaceuticals common stock was cancelled and converted into the right to receive 1.5401 shares of Indivior (renamed Supernus, Inc.) common stock.
  • Shares acquired: Barlow acquired 41,652 shares of Supernus, Inc. common stock at $0.00 consideration (transaction code J), resulting in direct beneficial ownership of 41,652 shares.
  • Equity awards converted: Nine Director Stock Options and one Restricted Stock Unit award were each converted into corresponding Supernus, Inc. equity awards using the 1.5401 exchange ratio, with exercise prices divided by that ratio and rounded up to the nearest whole cent.
  • RSU vesting date: The 4,603 restricted stock units, settled in common stock, are scheduled to vest on February 18, 2027.
  • No cash consideration: According to the filing, Barlow received no cash consideration other than cash in lieu of a fractional share.

Barlow's Supernus Holdings Reshaped by Indivior Merger Conversion

According to the filing, the transaction underlying all reported changes was the merger completed on November 2, 2026, under an Agreement and Plan of Merger dated August 1, 2026. Artemis Merger Sub Inc. merged with and into Supernus Pharmaceuticals, Inc., with Supernus Pharmaceuticals surviving as a wholly-owned subsidiary of Indivior Pharmaceuticals, Inc. At that point, Indivior changed its name to "Supernus, Inc." The issuer on this Form 4 is listed as Supernus, Inc. (NASDAQ:SUPN).

The filing reports that Barlow's existing shares of Supernus Pharmaceuticals common stock were disposed of and replaced by 41,652 shares of Supernus, Inc. common stock received in exchange, all under transaction code J at a price of $0.00. All equity award conversions were also coded J and priced at $0.00 to reflect the non-cash, formula-based exchange. The filing states that each outstanding Supernus Pharmaceuticals equity award was assumed by Indivior (renamed Supernus, Inc.) and automatically converted into a corresponding Supernus, Inc. equity award covering shares equal to the original award multiplied by 1.5401 (rounded down), with exercise prices divided by that ratio and rounded up to the nearest whole cent.

Following the conversion, the filing shows Barlow holds nine Director Stock Options with exercise prices ranging from $15.58 to $37.76 and expiration dates from June 27, 2028, through February 18, 2036, covering a combined 115,384 shares of Supernus, Inc. common stock. The filing notes that each converted award remains "subject to substantially the same terms and conditions, including vesting, that applied immediately prior to the effective time, except that performance stock unit awards were converted into time-vesting restricted stock units."

What Was Disclosed

Director Carrolee Barlow disclosed changes in beneficial ownership of Supernus, Inc. common stock and equity awards arising solely from the November 2, 2026, merger conversion, with no open-market purchases or sales reported. The Form 4 was signed by Timothy C. Dec as attorney-in-fact and filed November 4, 2026.