Indivior Pharma slides after announcing $400 mln convertible bonds sale plans

Indivior Pharmaceuticals

12/03/2026 13:29

** Shares of Indivior Pharmaceuticals INDV.O down 6.5% premarket to $30.70 on planned capital raise news

** North Chesterfield, VA-based opioid use disorder treatment firm announces private offering of $400 mln 5-yr convertible bonds (CBs)

** Co intends to use ~$239 mln of net offering proceeds along with cash to repay borrowings under term loan and revolver

** It also plans to use up to ~$75 mln to repurchase shares to facilitate hedging by investors in the CBs

** Based on ~125.1 mln shares outstanding, co has ~$4 bln market cap

** Last month, INDV reported Q4 rev grew 20% y/y to $358 mln, topping LSEG estimate of $305.6 mln, as rev for Sublocade, its buprenorphine extended-release injection, grew 30% to $252 mln

** Through Weds close, stock down 8.5% YTD but has more than tripled over the past 12 months

** All 7 analysts are bullish on the stock including 2 "strong buy" ratings; median PT $48, per LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))