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Gold prices rise for 3rd straight week, hit 3-month high. Can bullion reclaim $5,500 peak?
What drove gold higher this week?
Weaker dollar
The rally was supported by a softer US dollar and efforts by the US Treasury Department to keep longer-term yields under control. The dollar was headed for a weekly decline, making dollar-priced commodities more affordable for holders of other currencies.
US Treasury’s bond buyback move
The US Treasury has announced that it will double the size of buybacks of longer-dated Treasury securities over the next quarter to at least $4 billion per operation. Treasury Secretary Scott Bessent has also said the government could increase the repurchases further.
The move is aimed at helping keep longer-term Treasury yields under control. This is supportive for gold as lower bond yields reduce the opportunity cost of holding the non-yielding asset. Gold can also benefit if the move puts pressure on the US dollar, as a weaker dollar makes the metal cheaper for buyers holding other currencies.
Hopes of the US Fed holding rates
Traders are now pricing in a 67% chance that the Fed will keep rates unchanged next month, while the probability of a hike stands at 33%, according to the CME FedWatch Tool.
While gold is typically seen as a hedge against inflation, higher interest rates tend to reduce bullion’s appeal because it is a non-yielding asset.
Can gold hit record high again?
The recent pullback may have created an opportunity for investors to gradually start accumulating gold, according to Jefferies’ Global Head of Equity Strategy Christopher Wood and billionaire hedge fund manager John Paulson. Both suggest that the precious metal could be at the beginning of a long-term bull run.”As people lose faith in paper currencies, gold as an alternative will continue to grow,” Paulson said in an interview with CNBC. Paulson, whose bet against subprime mortgages became one of the most profitable trades in Wall Street history, turned his attention to gold in 2009.
He argued that fiscal and monetary stimulus following the financial crisis would eventually weaken the US dollar. Since then, gold prices have roughly quadrupled, crossing the $5,000 threshold before pulling back.
Paulson said demand for bullion is continuing to broaden, led by central banks adding to their reserves alongside rising interest from the private sector.
“Gold is becoming the most apt reserve currency in the world, replacing fiat currencies,” Paulson said in an interview with CNBC. “The demand from central banks, for instance, has continued to grow, as has the private sector.”
However, Paulson believes investors could benefit more from owning gold mining companies than bullion itself, particularly companies with large undeveloped reserves. “I think the greatest way to invest is to invest in early-stage gold stocks,” he said.
Christopher Wood, in his Greed and Fear report, said investors should once again begin accumulating gold and gold mining stocks after an extended pause.
Wood draws a parallel with the dot-com bust, arguing that when the Nasdaq-led technology sector drove the market lower, the bear market had by late 2000 spread beyond technology to other sectors as it became clear that the unwinding of the dot-com boom would affect the broader economy.
He believes a similar scenario could unfold if the AI capex boom implodes, which he says would happen if credit issues come to the fore.
This comes despite the broadening of the US equity market since the AI capex boom and the related increase in wealth effect in the US stock market, which have been among the main drivers of US economic growth over the past three years, along with easy fiscal policy.
The World Gold Council echoes this view. At current levels, gold prices are broadly aligned with a global backdrop of moderate growth, cooling but still elevated inflation, and expectations of further, but limited, central bank tightening. Under these conditions, gold is likely to remain relatively rangebound, within a range of ±5%.
However, the stage could be set for a possible breakout. On the upside, clear catalysts such as a worsening economy, a renewed geopolitical shock, a shift towards lower interest-rate expectations or a wave of dip buying could reignite gold’s momentum and push prices back towards US$4,500/oz or above. If the signals are strong, gold could move even higher.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
The bitcoin trade is back on. Crypto hoarder Strategy Inc.’s shares were up 6% Friday. Shares in Robinhood and Coinbase, which benefit from crypto trading, were up more than 8%.
U.S. stocks linked to cryptocurrencies soared this week after President Trump reaffirmed support for crypto-friendly legislation in a White House meeting with industry executives. The climb was bolstered by the U.S. Treasury’s surprise move to increase its buybacks of longer-dated bonds, lowering borrowing costs and dinging the dollar.
Interactive Brokers chief strategist Steve Sosnick discusses stocks Americans should keep their eyes on on ‘The Claman Countdown.’
Tesla announced Friday that it is recalling nearly 3 million vehicles in China over concerns that doors may be difficult to open in an emergency, marking the largest automotive recall in the country’s history.
Tesla’s action comes alongside recalls announced by eight other automakers, affecting a combined total of about 4.3 million vehicles in China.
Tesla’s recall is the largest, affecting approximately 2.98 million vehicles.
The U.S. automaker said the recall covers imported and China-made Model 3, Model Y, Model S and Model X vehicles, according to notices filed with China’s State Administration for Market Regulation.
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Tesla is recalling nearly 3 million vehicles in China over concerns that doors could be difficult to open following a severe collision. (Michael Reynolds/Shutterstock)
According to one of the recall notices, Tesla’s electronically operated, retractable door handles could become difficult to operate after a severe collision if the vehicle’s low-voltage system fails.
The company said the resulting problem “could hinder occupants from quickly opening the doors to escape and impede rescue efforts by those outside the vehicle, posing a safety hazard.”
To address the issue, Tesla said it would “affix warning labels” to affected vehicles and remotely upgrade its window-control software so the windows automatically lower following an accident.
Tesla also issued a recall addressing problems with driver-monitoring systems in certain vehicles, which are designed to help ensure drivers remain alert and ready to take control of steering or braking when necessary.
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A Tesla Model 3 sedan pictured driving on a roadway. (Tesla)
The automaker said it would provide a software upgrade and “in-cabin camera monitoring” to help drivers remain vigilant.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TSLA | TESLA INC. | 362.86 | +17.73 | +5.14% |
Tesla said it will contact owners of vehicles that cannot receive the fixes through remote software updates to schedule service appointments.
Other automakers announcing recalls included Xiaomi, Leapmotor, Xpeng and Geely Holding.
MORE THAN 20,000 OFF-ROAD MOTORCYCLES RECALLED OVER DANGEROUS BRAKE DEFECT THAT COULD LEAD TO DEATH
Tesla’s recall covers certain imported and China-made Model 3, Model Y, Model S and Model X vehicles. (Tesla)
The National Highway Traffic Safety Administration said Friday that the automakers have not disclosed plans to issue similar recalls in the U.S.
The announcement comes after Tesla issued two recalls in May.
The automaker recalled roughly 175 Cybertrucks over concerns that wheel studs could separate, potentially causing wheels to detach.
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Tesla also recalled more than 218,000 Model 3, Model Y, Model S and Model X vehicles because of delayed rearview camera images that could increase the risk of a crash.
FOX Business has reached out to Tesla for comment.
Reuters contributed to this report.
Richard Stern, vice president of the Plymouth Institute for Free Enterprise, spoke to Fox News Digital about a new report from Advancing American Freedom focused on improving affordability for Americans.
As Americans continue to feel the squeeze from high housing, food and energy costs, affordability has emerged as a defining issue ahead of November’s midterm elections, with both parties under pressure to show voters they can bring down the cost of living.
Now, a new report from the conservative group founded by former Vice President Mike Pence is offering its own prescription, laying out 10 proposals aimed at lowering costs by cutting red tape and boosting production across the economy.
“Yes, there’s an unaffordability crisis, and it’s the government’s fault,” Richard Stern, vice president of the Plymouth Institute for Free Enterprise at Advancing American Freedom (AAF), told Fox News Digital.
That argument is at the heart of the report, “10 Ways to Improve Affordability Now Across 10 Levels of the Economy,” which calls affordability the “No. 1 issue facing the American people” and targets costs associated with housing, energy and business, among others.
The report’s proposals range from easing zoning restrictions and expanding oil and gas access to overhauling Social Security and SNAP eligibility, echoing parts of President Donald Trump’s second-term agenda.
But the conservative blueprint breaks with Trump on two key pocketbook issues: tariffs and credit card interest rates.
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President Donald Trump has defended tariffs as a tool to protect American industries and boost domestic production. (Chip Somodevilla/Getty Images / Getty Images)
On trade, the report argues Trump’s sweeping tariffs have come at a cost to American consumers and the broader economy, raising prices, straining U.S. alliances and resulting in nearly 900,000 fewer jobs than expected.
The authors at AAF call for shifting more tariff authority back to Congress.
But while the report paints a bleak picture of the tariffs’ broader economic impact, they have generated a windfall for Washington. In January alone, duties totaled $30.4 billion, up about 242% from $8.9 billion a year earlier, according to Treasury data.
On housing, the report blamed zoning restrictions for pushing families farther from jobs and making homeownership harder for younger Americans.
Those costs can be substantial. The National Association of Home Builders estimates government regulations account for about 26% of the price of a new single-family home.
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Housing industry leaders say states that have prioritized homebuilding have been better positioned to accommodate population growth and economic expansion. (Joshua Lott/Bloomberg/Getty Images / Getty Images)
The report recommends limiting local zoning restrictions, streamlining approval for projects that meet existing rules and tying roughly $50 billion in annual federal housing aid to zoning reform.
On energy, the proposal calls for more oil and gas leasing and rejecting state fracking bans. Stern argued greater domestic production could lower costs throughout the economy because energy touches “every good we move, every service provided.”
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The cost of living remains a major concern for Americans as households face high prices for everyday necessities. (Li Rui/Xinhua via Getty Images / Getty Images)
Stern warned that economic frustration can turn Americans against one another, toward “viewing each other as the enemy, and that’s what socialism is.”
“I hope that people can take away from this, that it’s not businesses that are the problem,” he said. “It’s not entrepreneurs. It’s not other Americans. It’s government.”
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Coca-Cola used its new Mixology dispenser to make refreshers at the National Restaurant Association show.
Source: Coca-Cola
ATLANTA — Coca-Cola is branching out into new customizable drinks and trend-driven equipment as consumers — and food service operators — increasingly want more options.
Tucked away in an anonymous office park not far from its global headquarters here, Coke has been working on a flood of innovation at its secretive labs, including a way for its Freestyle drink dispensers to make dirty sodas, which combine pop with flavored syrups, cream or other ingredients. In partnership with AMC Theatres, it is testing a Micro Matic dispenser that can make brightly colored refreshers. And Coke has more white-label beverage options on the way, like an energy drink that can be customized by color and flavor.
For many restaurants, handcrafted drinks like refreshers or iced coffee have become an important way to drive traffic and sales, even as diners broadly cut their spending. In the second quarter of this year, beverage servings at restaurants outpaced both servings of food alone and food with beverages, according to Circana data. When consumers are away from home, a drink often represents more than hydration, particularly for Generation Z.
“Oftentimes these beverages are an opportunity to take a break, get some energy or protein, have a treat, at a lower price point,” David Portalatin, Circana senior vice president and food service industry advisor, told CNBC.
From McDonald’s to Wendy’s, longtime Coke customers have been expanding their beverage offerings to meet the shift in consumer behavior and boost their profit margins. As operators seek to add more drinks to their menus, Coke must add more convenient beverage options — or risk losing sales to a competitor.
“It’s our job to ensure that we’re providing unique experiences and beverages because it’s not a bonus now with consumers — it’s the norm, they expect it,” said Megan Tallman, Coke’s vice president of dispensed equipment and innovation for its North American business. “When you think about Gen Z, they are okay paying $10 for a drink that is craveable and that they can show on their Instagram or on TikTok, which is helping our customers drive margin and also beverage attachment.”
Beyond Freestyle
This July, Coca-Cola’s Freestyle drink dispenser celebrated its 17th anniversary.
“Honestly, if you fast forward to today, Freestyle is more relevant today than probably it was over a decade ago,” Tallman said, crediting the machine’s dozens of flavors.
Even with the variety it offers, Coke is still trying to evolve to keep up.
In the time since the Freestyle was introduced, the number of specialty beverage chains has exploded, offering customers nearly unlimited ways to customize their drinks, from sugar content to toppings. Market research firm Technomic tracks more than 100 different chains, with more than 41,000 locations across the U.S. combined, selling everything from coffee to juice to boba.
Ever since Freestyle began popping up in restaurants and movie theaters, the dispensers have poured more than 67 billion 8-ounce servings of beverages; Coke has been able to track them all, thanks to the equipment’s real-time data collection. That data is coming in handy now.
Inside its Equipment Innovation Center in Atlanta, a massive television screen displays real-time data showing what drinks dispensed by the Freestyle are trending, what time of day and where — from the region to the type of business. AHA sparkling water, for example, is trending up at office buildings and hospitals.
Insights from Freestyle dispensers also help the company discover new drinks that it can launch in grocery stores, like the limited-time Coca-Cola Orange Cream, which combines its namesake soda with vanilla and orange syrup.
“If we see that the flavors that we’re offering to consumers in food service are actually resonating — it’s the largest testing platform out there,” Tallman said.
But Coke has more ideas in store.
First is the Freestyle Mini, which initially launched in Europe. Intended for bars and restaurants with limited space, the dispenser holds up to 16 drink options, more than double the choices available in a traditional soda gun. Coke unveiled the new smaller machine at the National Restaurant Association Show in Chicago this spring, but the company has not yet sold it to customers in the U.S.
The Coca-Cola Freestyle Mini offers more drink options than the traditional soda gun found behind the bar.
Coca-Cola
And then there are other equipment ideas that aren’t as far along, inspired by Coke’s desire to branch out into dirty soda, refreshers and coffee.
To automate dirty soda, Coke has created a prototype that adds a dairy module to the classic Freestyle dispenser. Utah-based chain Swig takes credit for its invention of the dirty soda, although the trendy drink has now spread far and wide, from KFC restaurants to grocery store shelves.
The trend has helped to change soda’s image from a tired, mass-market drink to a handcrafted beverage that can be a treat.
“Gen Z is the first generation raised to believe that nothing you consume is neutral, so everything is either helping you or costing you,” said Matthew Greer, food, agribusiness and beverage analyst for Truist. “So, traditional soda does nothing for me, and it gives me 40 grams of sugar, so that fails the test.”
The rise of a dirty soda is boon for Coke, because pop is still its number one category. Coke’s sparkling soft drinks business, which houses soda brands like Sprite, Schweppes and Fanta, still accounts for 69% of the company’s overall unit case volume, even as other ventures like coffee and dairy-based beverages have grown. Coke’s namesake soda alone accounted for 47% of global unit case volume and 42% of U.S. unit case volume in 2025, according to a company filing.
Coke’s prototypical dispensed dirty soda comes with a preprogrammed recipe, allowing for little customization but eliminating mess. The prototype, which took roughly three weeks to create, keeps the recognizable drip down the sides of the cup, giving the dirty soda its trademark visual appeal.
Refreshing its offerings
Beyond the Freestyle, Coke is also testing Micro Matic “mixology” dispensers to make refreshers and iced coffee drinks.
Starbucks created the refresher back in 2012 to appeal to non-coffee drinkers who wanted a boost, especially in the afternoon, when traffic to its cafes slowed. Customers can pick their bases, flavors and even caffeine level. Refreshers now represent about $2 billion in annual sales for Starbucks.
Other restaurant chains, such as Panera Bread to Dunkin’, have taken note. Refreshers can be found on 8.1% of menus at national restaurant chains, according to Datassential.
“It’s almost, I think, a compliment, the fact that our Refresher business is being imitated in so many places,” Starbucks CEO Brian Niccol said on the company’s earnings conference call in late April.
For its part, Coke is hoping to make its mark on the refresher category — whatever that means.
“There’s no real definition for what a refresher is, so we’re trying to take a stand on what that can be and what function that we believe it should deliver to the guest,” said Sarah Kate Sims, director of dispensed innovation for Coca-Cola North America.
To Sims, a refresher is a “healthier” beverage that delivers some kind of pick-me-up without a traditional coffee caffeine base, instead using a green tea or a natural coffee extract as a base. And a refresher must look good, too, she said.
“So that’s what I’m working on for next year,” Sims said.
Inside ‘The Vault’
Coke’s innovation efforts aren’t restricted to equipment either. Across the parking lot from its Global Equipment Platforms office is “The Vault,” where the company tests new drinks.
“We bring a lot of our top customers here to showcase our innovation and mixology, but also to collaborate and problem-solve and tackle the biggest challenges in the business,” said Caroline Zambataro, collaboration architect at Coke.
One of those customers is Whataburger. Coke worked with the Texas-based burger chain for about 18 months on its line of “Whatafreshers,” which launched in July.
In some cases, consumers might not even realize that they are drinking a Coke product. For example, the company considers itself a “pioneer” of premium lemonade after launching a white-label version more than a decade ago.
More than 40,000 bubbler dispensers carry the drink, according to Tallman. That number includes Wendy’s, which sells it under “Dave’s Craft Lemonade,” after founder Dave Thomas.
Megan Tallman, vice president of dispensed equipment and innovation for Coca-Cola’s North American business.
Source: Coca-Cola
These days, lemonade is a popular base for a lot of refreshers and other brightly colored drinks. So, too, is Sprite, which ranked fifth among U.S. carbonated soft drink brands by 2025 sales volume, according to Beverage Digest.
But Coke is also working on a new blank slate for handcrafted beverages: a colorless, relatively unflavored energy drink that comes in frozen or liquid form. The company plans to launch the beverage with food service operators in the first half of 2027.
Energy drinks are a much smaller category than sparkling beverages, but the segment has the highest expected growth projections for the next 10 years, according to Tallman.
“We believe this solution really meets many consumers because more female consumers are interested in energy if it’s a handcrafted solution,” Tallman said.
Starting with Celsius, the conversation around energy drinks has changed, widening their audience and the number of occasions where they can be consumed, Truist’s Greer said. Rather than a beverage that you buy at the gas station for a pick-me-up, now energy drinks can become a part of some consumers’ workout routines.
Coke’s take on energy drinks will be designed to be served by employees to “limit consumption,” according to Tallman. A 12-ounce serving of Coke’s version contains 106 milligrams of caffeine, roughly the same amount as the same size can of Red Bull and half of the caffeine content of a Celsius can. Excessive caffeine consumption has become a liability concern after Panera Bread’s Charged Lemonade was named in at least two wrongful death lawsuits.
A golden opportunity
Broadly, Coke has been fielding more inquiries from food service partners these days about customizable drinks, according to Melinda Pritchett, director of innovation for Coke’s North American business.
“If you’re looking at what McDonald’s is doing with the handcrafted beverages, all of our customers are saying, ‘We should be in that as well,’” she said.
As the largest U.S. restaurant chain by system sales, McDonald’s playbook is often replicated elsewhere. In May, the fast-food giant expanded its McCafe menu in the U.S. to include refreshers and crafted sodas, including Coke’s Sprite and Hi-C, as part of its broader strategy to lean into beverages.
“In the U.S., [drink] sales are ahead of plan. Guest checks are higher, and we’re seeing new occasions emerge throughout the day,” McDonald’s CEO Chris Kempczinski said on the company’s earnings conference call earlier in August. “We’ve also seen strong food attachment rates on these orders.”
But the drink launch arrived during what was otherwise a lackluster quarter for McDonald’s U.S. business, which reported same-store sales growth of just 0.8%. The company has replaced its U.S. president in the hopes of accelerating its domestic division.
On Monday, McDonald’s further expanded its beverage options with the Red Bull Dragonberry Energizer. Red Bull is privately owned, with no connection to Coke. The chain’s choice to partner with a competitor rather than using an energy drink affiliated with Coke, like Monster, has sparked speculation about the state of the companies’ more than 70-year-long relationship.
“We have a fantastic and very long-standing partnership with McDonald’s, and that’s intact, right? We continue to be very happy with that partnership,” Coke CEO Henrique Braun said on the company’s earnings conference call in late April, answering an analyst question about the partnership. “… We do respect the decisions on other choices about their relationships with other companies.”
Ultimately, the most important part of any business relationship is the effect on sales.
When testing a new beverage with a food service partner, Coke tracks a couple of different performance metrics, like “incremental volume.” In other words, would a customer buy one of the new refreshers even if they wouldn’t otherwise buy a drink?
A survey of several dozen U.S. McDonald’s franchisees conducted by Kalinowski Equity Research found that more than half of operators said the specialty drinks are performing in line with their expectations.
“They are selling great, but most of it is a trade-off from other beverages,” one anonymous franchisee said in the survey. “Not many new transaction counts.”
‘The Frugal Rich’ founder JC Rodriguez weighs in the financial value of college degrees and the power of young investing. Rodriguez shares key wealth-building insights for the next generation.
Building wealth may have less to do with looking rich and more to do with resisting the pressure to spend like you’re rich.
“The Frugal Rich” founder JC Rodriguez joined FOX Business’ Stuart Varney on “Varney & Co.” to discuss the habits he has observed among everyday millionaires, along with saving, investing and how young people can approach major financial decisions.
Financial influencer JC Rodriguez discusses the spending habits that America’s everyday millionaires have in common. (Romain Costaseca / Getty Images)
Rodriguez said a common trait among the wealthy people his content has spotlighted is a deliberate approach to spending, particularly when it comes to impressing others.
“We have spotlighted America’s everyday millionaires in our content and what we found is amongst America’s wealthy is they all have this aspect of frugality within their life that they’re always living… They’re very intentional about how they spend their money and they don’t care to impress others,” Rodriguez said.
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That same focus on intentional money management can begin well before someone reaches millionaire status. Rodriguez encouraged people to consistently direct part of their paycheck toward savings or investments, even when the amount is relatively small.
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“We always encourage people to pay yourself first. Whenever you get your paycheck, just set up an automation to move money from your checking into your high-yield savings account or into your brokerage account if you want to start investing… No matter where you are on your financial journey or your income, you can still just start off with $50, $100 towards saving and investing,” he said.
Financial influencer Angelo Castillo discusses his viral videos sharing investment advice with Gen Z. He breaks down his portfolio strategy, index funds and using AI for financial planning.
For those beginning to invest, Rodriguez also drew a distinction between long-term investing and activities he characterized as speculative, including sports betting and prediction markets.
Financial influencer encourages Americans to consistently set aside money for saving and investing. (Anastasiia Yanishevska / Getty Images)
“I believe in good old low-cost, diverse index funds as a place to begin your investing journey… A lot of times prediction markets might be the fun thing to do, but isn’t the best approach to invest your money,” Rodriguez said.
Supernus Pharmaceuticals closed out 2025 with record revenue of $719 million. Five months later, on Aug. 3, it agreed to fold into a larger company altogether, striking an all-stock merger with Indivior Pharmaceuticals.
Four Growth Products Take Over
Supernus reported full-year 2025 revenue of $719 million, up 9 percent from 2024, with fourth-quarter revenue of $211.6 million, up 21 percent. Four products the company calls its growth drivers, Qelbree, GOCOVRI, ONAPGO and ZURZUVAE, combined for $521.8 million, up 40 percent from 2024.
Qelbree, the company’s ADHD treatment, brought in $304.7 million for the year, up 26 percent. GOCOVRI, for dyskinesia tied to Parkinson’s disease, added $146.8 million, up 12 percent. ONAPGO, a Parkinson’s motor-fluctuation therapy approved and launched in early 2025, generated $17.3 million in its first partial year. ZURZUVAE, a postpartum depression treatment that came with Supernus’s July 2025 acquisition of Sage Therapeutics, contributed $53 million in collaboration revenue for the roughly five months Supernus has owned it, including $32.8 million in the fourth quarter alone, an increase of about 187 percent over the same period a year earlier.
Chief Executive Jack Khattar said, “We made significant progress in 2025 against our strategic objectives, with record total revenues, including strong growth in combined revenues of our four growth products, the successful acquisition of Sage Therapeutics, Inc., and the U.S. Food and Drug Administration’s approval and launch of ONAPGO for Parkinson’s disease.”
The Legacy Business Keeps Shrinking
Trokendi XR and Oxtellar XR, the anti-seizure medications that once anchored Supernus’s business, fell to a combined $83.1 million in 2025 from $162.7 million in 2024, as generic competition ate into both products. Oxtellar XR alone dropped 59 percent for the year. Supernus told investors to expect the same two products to bring in just $40 million to $50 million combined in 2026, alongside a broader forecast of $840 million to $870 million in total revenue, a projected gain of 17 percent to 21 percent. ONAPGO is expected to more than double its 2025 total, to a range of $45 million to $70 million. The company ended 2025 with $308.6 million in combined cash and marketable securities, down from $453.6 million a year earlier after funding the Sage purchase.
A Merger That Roughly Triples the Company’s Size
Supernus disclosed the Indivior deal alongside its second-quarter 2026 results. Under the terms, Supernus shareholders will receive 1.5401 Indivior shares for each share they hold, leaving Indivior’s existing shareholders with about 56.5 percent of the combined company and Supernus shareholders with about 43.5 percent on a fully diluted basis. Indivior shareholders will also receive a $1 billion special cash dividend before the deal closes, funded by a $650 million term loan from Citibank plus cash on the combined balance sheet.
The combined company will keep the Supernus name and its SUPN ticker, headquartered in Rockville, Maryland, with Khattar staying on as chief executive and Indivior director Tony Kingsley chairing an eight-person board split evenly between the two companies. Management projects $2.2 billion in pro forma net revenue, $888 million in adjusted EBITDA and $125 million in annual cost synergies, with net debt of roughly $878 million and a net leverage ratio under 1x. The deal is expected to close in the fourth quarter of 2026, pending shareholder and regulatory approval.
Khattar said, “This merger brings together two complementary organizations with a shared vision of improving the lives of people living with central nervous system diseases.” Indivior Chief Executive Joe Ciaffoni said, “Bringing our two organizations together is intended to deliver greater value to the patients, healthcare communities, and stockholders we serve.”
The Market’s Mixed Verdict
Supernus shares jumped as much as 16 percent intraday on the announcement before settling to close up 3 percent on Aug. 3. The stock gave that back the next day, falling 6 percent on Aug. 4, a decline that landed on the same day as Supernus’s second-quarter earnings call and reflected investor uncertainty over how the exchange ratio and the special dividend redistribute value between the two shareholder bases. That reaction fits a pattern common after merger announcements: cost-savings estimates like management’s $125 million synergy target tend to get discounted until a deal closes and integration is underway.
Where Armistice and Other Holders Stand
Armistice Capital held 2.764 million Supernus shares as of a Feb. 17, 2026, filing, 4.82 percent of the company, a position down 2.54 percent from the prior quarter. That filing predates the Indivior announcement by more than five months and reflects Armistice’s holdings as of Dec. 31, 2025, before any merger-related trading.
Other large holders moved in different directions during the same period. BlackRock reported 8.7 million shares, 14.7 percent of the company, in a Feb. 12, 2026, filing, down 21 percent from its prior position. Vanguard held 6 million shares, 10.49 percent, essentially flat, in a Jan. 29, 2026, filing. State Street increased its stake 1.45 percent, to 2.2 million shares, or 3.82 percent, while Dimensional Fund Advisors cut its position 5.9 percent, to 2.7 million shares, or 4.7 percent. Supernus counted 339 institutional owners holding a combined 56.7 million shares as of the most recent filings compiled on Fintel.
A Wave of Consolidation in CNS-Focused Drugmakers
The Supernus-Indivior combination follows a run of deals joining companies focused on the central nervous system, where drugmakers with single approved therapies have increasingly sought scale by combining pipelines and commercial infrastructure rather than building both from scratch. Supernus itself followed that pattern in July 2025, when it acquired Sage Therapeutics to bring ZURZUVAE into its own portfolio rather than developing a competing postpartum depression treatment.
Armistice manages more than $3.6 billion across 323 positions as of its most recent quarterly filing, and a name like Supernus sits alongside a portfolio of similar single-catalyst and multi-catalyst biopharmaceutical bets. Its Supernus stake had already declined before the Indivior announcement, a data point that predates the deal rather than a reaction to it. The company’s next scheduled catalyst is the shareholder vote on the merger, expected ahead of a fourth-quarter close, with the combined entity’s first full quarter of results likely to arrive sometime in 2027.
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