Jonathan Rubin, SVP and Chief Medical Officer of Supernus, Inc., filed a Form 4 on November 4, 2026, disclosing changes in beneficial ownership resulting from the merger between Supernus Pharmaceuticals, Inc. and Indivior Pharmaceuticals, Inc., effective November 2, 2026.

Key Highlights

  • Merger exchange: At the effective time of the merger on November 2, 2026, 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.
  • Common stock acquired: Rubin acquired 21,529 shares of Supernus, Inc. common stock at $0.00 price (exchange consideration), resulting in direct ownership of 21,529 shares.
  • Equity awards converted: All outstanding Supernus Pharmaceuticals equity awards held by Rubin were assumed by Supernus, Inc. and converted using the 1.5401 exchange ratio, with exercise prices divided by that ratio and rounded up to the nearest whole cent.
  • Seven stock options converted: Options with exercise prices ranging from $15.58 to $32.60 per share were converted, with the largest tranche covering 38,502 shares each at $19.23, $20.91, and $18.15.
  • RSU award at closing: A grant of 107,807 restricted stock units vests in four installments, with 50% upon the merger closing and the remainder at one-, two-, and three-year anniversaries of the closing.
  • No cash consideration: According to the filing, Rubin "received no cash consideration other than cash in lieu of a fractional share."
  • Transaction codes: All transactions in Table I and Table II carry transaction code "J," indicating transactions not involving an open-market purchase or sale.

Jonathan Rubin's Holdings After the Supernus Pharmaceuticals and Indivior Merger

According to the filing, the transactions reported stem from the 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 of Indivior. Indivior then changed its name to "Supernus, Inc." The issuer is listed on NASDAQ:SUPN.

In Table I, the filing reports that Rubin disposed of his Supernus Pharmaceuticals common stock and acquired 21,529 shares of Supernus, Inc. common stock at a price of $0.00, with direct ownership of 21,529 shares following the transaction. In Table II, seven employee stock options originally granted by Supernus Pharmaceuticals were each converted at $0.00 price into corresponding Supernus, Inc. options, covering share amounts from 20,791 to 38,502 and exercise prices ranging from $15.58 to $32.60. The filing states each option "vests in four equal annual installments beginning on the specified date."

Fourteen restricted stock unit awards were also converted under the same merger mechanics. The largest, covering 107,807 RSUs, vests in four installments: 50% upon the closing of the merger, 15% at the one-year anniversary, 15% at the two-year anniversary, and 20% at the three-year anniversary of the closing, according to the filing. Additional RSU tranches have vesting dates ranging from December 31, 2026 through June 30, 2029. The filing further notes that performance stock unit awards were converted into time-vesting restricted stock units as part of the transaction.

What Was Disclosed

Jonathan Rubin, SVP and Chief Medical Officer of Supernus, Inc., reported the conversion of his Supernus Pharmaceuticals common stock and equity awards into Supernus, Inc. securities at the 1.5401 exchange ratio following the November 2, 2026 merger effective date, with no open-market transactions involved.