Jack A. Khattar, Chief Executive Officer and Director of Supernus, Inc. (NASDAQ:SUPN), filed a Form 4 on November 4, 2026, disclosing changes in his beneficial ownership of common stock and equity awards resulting from the November 2, 2026 effective date of the merger between Supernus Pharmaceuticals, Inc. and Indivior Pharmaceuticals, Inc.

Key Highlights

  • Merger effective November 2, 2026: Artemis Merger Sub Inc. merged with and into Supernus Pharmaceuticals, Inc., which survived as a wholly-owned subsidiary of Indivior, which then changed its name to "Supernus, Inc."
  • Exchange ratio of 1.5401: 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.
  • Direct common stock holding: Khattar acquired 1,937,986 shares of Supernus, Inc. common stock directly, at $0.00 price, pursuant to the merger; he now beneficially owns 1,937,986 shares directly.
  • Indirect common stock holding via KBT Trust: Khattar acquired 1,475,569 shares of Supernus, Inc. common stock indirectly through the KBT Trust, at $0.00 price, pursuant to the merger.
  • Equity awards converted: Nine tranches of employee stock options and eleven tranches of restricted stock units were each assumed by Supernus, Inc. and converted at the 1.5401 exchange ratio, with exercise prices divided by that ratio and rounded up.
  • No cash consideration: According to the filing, Khattar "received no cash consideration other than cash in lieu of a fractional share."
  • All transactions coded "J": Every reported transaction in Table I and Table II carries transaction code J, indicating transactions made pursuant to the merger agreement rather than open-market purchases or sales.

Khattar's Holdings Restructured Through Supernus-Indivior Merger

According to the filing, the transactions reported stem 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 with and into Supernus Pharmaceuticals, with Supernus Pharmaceuticals surviving as a wholly-owned subsidiary. Indivior then changed its name to "Supernus, Inc." The filing reports that Khattar's existing shares of Supernus Pharmaceuticals common stock were disposed of, and shares of the renamed Supernus, Inc. were acquired in exchange, all pursuant to the merger and at an effective price of $0.00 for reporting purposes.

In Table II, the filing discloses that nine separate employee stock option awards, with exercise prices ranging from $15.58 to $32.60 per share, were each assumed by Supernus, Inc. and converted into corresponding awards. Each converted option covers a number of Supernus, Inc. shares equal to the original Supernus Pharmaceuticals share count multiplied by 1.5401, rounded down, with the per-share exercise price divided by 1.5401 and rounded up to the nearest whole cent. The filing states each converted award "is subject to substantially the same terms and conditions, including vesting, that applied immediately prior to the effective time." Options vest in four equal annual installments beginning on their respective specified dates, with expiration dates ranging from February 14, 2028 through February 18, 2036.

Eleven tranches of restricted stock units were also converted at the same exchange ratio. The filing notes that performance stock unit awards were converted into time-vesting restricted stock units. Among the RSU tranches, 616,040 units vest in four installments tied to the merger closing and its subsequent anniversaries, while remaining tranches vest on specific calendar dates through June 30, 2029. The filing was signed by Timothy C. Dec as attorney-in-fact on November 4, 2026.

What Was Disclosed

This Form 4 discloses that CEO Jack A. Khattar's beneficial ownership in Supernus Pharmaceuticals common stock and related equity awards was converted into Supernus, Inc. (formerly Indivior) securities at the 1.5401 exchange ratio upon the November 2, 2026 merger effective date, with no cash consideration beyond any fractional share payment.