Red Flags Detected

• ⚠ Fixed Exchange Ratio (new) — The exchange ratio is fixed, exposing Supernus stockholders to Indivior stock price declines before closing.
• ⚠ Special Dividend Financing Risk (new) — The $1 billion special dividend depends on obtaining debt financing, including a $650 million term loan, and the merger is not conditioned on financing.
• ⚠ Product Concentration (new) — SUBLOCADE accounted for 69% of Indivior's 2025 revenue, creating significant dependence on a single product.
• ⚠ Leveraged Balance Sheet (new) — Indivior has significant debt, including convertible notes, and new debt to fund the special dividend, limiting financial flexibility.
• ⚠ Merger-related Litigation (new) — Indivior is party to litigation in multiple jurisdictions with potential significant uncovered financial exposures.