Indivior Share Discussion Threads

[youngers] 25/10/2022 11:46

Some good momentum here ahead of the results on Thursday. Hopefully not just a case of buy the rumour sell the news

[steeplejack] 17/10/2022 07:14

Amongst my portfolio,Indivior shows exemplary resilience!Actually,its the only stock that does.

[the grumpy old men] 16/10/2022 08:55

fwiW just4interest

[steeplejack] 10/10/2022 15:32

Yes both my UK brokers are now correctly presenting my holdings.

[gregmorg] 10/10/2022 14:06

Following on from your comment Steeplejack, I just checked and both Interactive Investor and Hargreaves have adjusted correctly. Fortunately I had ensured that the holdings were all divisible by five so I suppose I got that bit of my arithmetic correct!

[babbler] 10/10/2022 13:04

quick. sell! lol

[steeplejack] 10/10/2022 11:43

Thing is,the broker nominee sites are always behind the curve with consolidations.My holding hasn't been reduced fivefold as yet (it remains the same quantity)but the value has increased fivefold to reflect the post consolidation price.

[gregmorg] 10/10/2022 10:43

You are absolutely correct I have to admit. I had taken note of the change ie around the 1100p mark as the price rather than the quoted price. So for once, it's rather nice to have my mistake pointed out! Thanks

[youngers] 10/10/2022 10:24

Dividing by 5 gets us back to Friday close. No disaster just bad maths ;)

[gregmorg] 10/10/2022 10:07

Ha, ha! Note the qualification " on broker sites" Steeplejack. So dividing by five back to the underlying price and we have a disaster! hopefully a very short term one but the consolidation is rather lumpy.

[steeplejack] 10/10/2022 08:53

Its gratifying to see my Indivior holding valuation has rocketed on broker sites.Never had it so good.

[youngers] 10/10/2022 08:39

Anyone else get excited for 0.25 seconds this morning 😂

[maywillow] 03/10/2022 08:17

FWIW


12. LEGAL PROCEEDINGS

There are certain ongoing legal proceedings or threats of legal proceedings in which the Group is a party, but in which Group believes the possibility of an adverse impact is remote and they are not discussed in this Note 12.

False Claims Act Allegations

-- In August 2018, the United States District Court for the Western District of Virginia unsealed a declined qui tam complaint alleging causes of action under the Federal and state False Claims Acts against certain entities within the Group predicated on best price issues and claims of retaliation. See United States ex rel. Miller v. Reckitt Benckiser Group PLC et al., Case No. 1:15-cv-00017 (W.D. Va.). The suit also seeks reasonable attorneys' fees and costs. The Group was served with the complaint in January 2021. The Group filed a Motion to Dismiss in June 2021. The case was stayed for mediation in September 2021, but the parties did not reach agreement. In March 2022, Relator submitted a request for oral argument on the Motion to Dismiss. On July 21, 2022, the Court entered an order staying the action and reserving a decision on the Group's Motion to Dismiss pending rehearing en banc by the U.S. Court of Appeals for the Fourth Circuit in U.S. ex rel. Sheldon v. Allergan Sales, LLC, which rehearing is currently not scheduled until September 2022.

-- In May 2018, Indivior Inc. received an informal request from the United States Attorney's Office ("USAO") for the Southern District of New York, seeking records relating to the SUBOXONE Film manufacturing process. The Group is discussing with the USAO certain information and allegations that the government received regarding SUBOXONE Film.

I ntellectual Property Related Matters

ANDA Litigation

-- The Group filed actions against DRL in the United States District Court for the District of New Jersey ("NJ District Court") alleging that DRL's generic buprenorphine/naloxone film product infringes US Patent Nos. 9,687,454 and 9,931,305 ("the '454 and '305 Patents") in 2017 and 2018, respectively. The cases were consolidated in May 2018. In July 2018, the NJ District Court granted the Group a Preliminary Injunction (PI) pending the outcome of a trial on the merits of the '305 Patent and required the Group to post a surety bond for $72m in connection with the PI. In November 2018, the Court of Appeals for the Federal Circuit (CAFC) issued a decision vacating the PI against DRL. Separately, DRL filed an amended answer alleging various antitrust counterclaims. The parties reached a settlement following mediation in June 2022, and the case accordingly was dismissed on June 27, 2022. See Note 10 for further discussion regarding settlement payments and timing of those payments.

-- The Group filed actions against Alvogen Pine Brook LLC and Alvogen Inc. (together, "Alvogen") in the NJ District Court alleging that Alvogen's generic buprenorphine/naloxone film product infringes the '454 and '305 Patents in 2017 and 2018, respectively. The cases were consolidated in May 2018. In January 2019, the NJ District Court granted Indivior a temporary restraining order ("TRO") to restrain the launch of Alvogen's generic buprenorphine/naloxone film product pending a trial on the merits of the '305 Patent and Indivior was required to post a surety bond of $36m. Indivior and Alvogen entered into an agreement whereby Alvogen was enjoined from selling in the US its generic buprenorphine/naloxone film product unless and until the CAFC issued a mandate vacating Indivior's separate PI against DRL. The CAFC's mandate vacating Indivior's PI as to DRL issued in February 2019 and Alvogen launched its generic product. Any sales in the US by Alvogen are on an "at-risk" basis, subject to the ongoing litigation against Alvogen in the NJ District Court. In November 2019, Alvogen filed an amended answer alleging various antitrust counterclaims. In January 2020, Indivior and Alvogen stipulated to noninfringement of the '305 Patent under the court's claim construction, but Indivior retained its rights to appeal the construction and pursue its infringement claims pending appeal. Indivior's infringement claims concerning the '454 patent and Alvogen's antitrust counterclaims remain pending in the NJ District Court. Summary judgment motions have been fully briefed, but the NJ District Court has not ruled on those motions. No trial date has been set. In June 2022, the parties participated in court-ordered mediation. The parties did not reach settlement. The court has scheduled oral arguments on the parties' summary motions for August 29, 2022.

Antitrust Litigation and Consumer Protection

Antitrust Class and State Claims

-- Civil antitrust claims have been filed by (a) a class of direct purchasers, (b) a class of end payor plaintiffs, and (c) a group of states, now numbering 41, and the District of Columbia. The various plaintiffs generally allege, among other things, that Indivior violated US federal and/or state antitrust and consumer protection laws in attempting to delay generic entry of alternatives to SUBOXONE Tablets. Plaintiffs further allege that Indivior unlawfully acted to lower the market share of these products. These antitrust cases are pending in federal court in the Eastern District of Pennsylvania. The court has not set a trial date. Summary judgment motions related to the Direct Purchaser, End Payor, and States actions were fully briefed and were argued in December 2021. The deadline for the class exclusion or "opt out" was June 5, 2022.

-- In 2013, Reckitt Benckiser Pharmaceuticals, Inc. (now known as Indivior Inc.) received notice that it and other companies were defendants in a lawsuit initiated by writ in the Philadelphia County (Pennsylvania) Court of Common Pleas. See Carefirst of Maryland, Inc. et al. v. Reckitt Benckiser Inc., et al., Case. No. 2875, December Term 2013. The plaintiffs include approximately 79 entities, most of which appear to be insurance companies or other providers of health benefits plans. The Carefirst Plaintiffs have not served a complaint, but they have indicated that their claims are related to those asserted by the plaintiffs in In re SUBOXONE, MDL No. 2445 (E.D. Pa.). The Carefirst case remains pending.

-- The Group has evaluated the antitrust class and state claims in light of the DOJ settlement under which a Group subsidiary pled guilty to one count of making a false statement relating to health care matters in one state in 2012 (as discussed above under DOJ Resolution). The Group continues to believe its defenses and continues to vigorously defend itself. Select plaintiffs in these matters previously made settlement demands, which were not accepted and are not current offers, totaling approximately $290m, which was used for contingency planning only to model possible downside financial effects. The final aggregate cost of these matters, whether resolved by litigation or by settlement, may be materially different. If the Group were to entertain further settlement discussions, we make no representations as to what amounts, if any, it may agree to pay, nor regarding what amounts the plaintiffs will demand.

Other Antitrust and Consumer Protection Claims

-- In 2020, the Group was served with lawsuits filed by several insurance companies, some of whom are proceeding both on their own claims and through the assignment of claims from affiliated companies. Cases filed by (1) Humana Inc. and (2) Centene Corporation, Wellcare Healthcare Plans, Inc., New York Quality Healthcare Corp. (d/b/a Fidelis Care), and Health Net, LLC were pending in the Eastern District of Pennsylvania. The complaints were dismissed in July 2021. Plaintiffs filed Notices of Appeal in August 2021 to the United States Court of Appeals for the Third Circuit ("Third Circuit"). The Third Circuit heard oral arguments on this appeal on March 31, 2022. Humana also filed a Complaint in state court in Kentucky with substantially the same claims as were raised in the Federal Court case. That case has been stayed pending a decision in the Third Circuit appeal. Cases filed by (1) Blue Cross and Blue Shield of Massachusetts, Inc., Blue Cross and Blue Shield of Massachusetts HMO Blue, Inc., (2) Health Care Service Corp., (3) Blue Cross and Blue Shield of Florida, Inc., Health Options, Inc., (4) BCBSM, Inc. (d/b/a Blue Cross and Blue Shield of Minnesota) and HMO Minnesota (d/b/a Blue Plus), (5) Molina Healthcare, Inc., and (6) Aetna Inc. (collectively, the "Roanoke Plaintiffs") are pending in the Circuit Court for the County of Roanoke, Virginia. These plaintiffs have asserted claims under federal and state RICO statutes, state antitrust statutes, state statutes prohibiting unfair and deceptive practices, state statutes prohibiting insurance fraud, and common law fraud, negligent misrepresentation, and unjust enrichment. In June 2021, defendants' motion to stay was denied and certain claims were dismissed without prejudice. The Roanoke Plaintiffs have filed amended complaints, and the Group has filed demurrers, seeking dismissal of some of the asserted claims. Oral arguments on the demurrers are scheduled to occur on September 1, 2022.

-- The Group has begun its evaluation of the claims, believes in its defenses, and intends to vigorously defend itself. Engagement with the claimants has been minimal. Accordingly, no estimate of the range of potential loss can be made at this time.

Civil Opioid Litigation

-- The Group has been named as a defendant in more than 400 civil lawsuits brought by state and local governments, public health agencies against manufacturers, distributors, and retailers of opioids alleging that they engaged in a longstanding practice to market opioids as safe and effective for the treatment of long-term chronic pain to increase the market for opioids and their own market share, as well as individuals alleging personal injury claims . Most of these cases have been consolidated and are pending in a federal multi-district litigation (MDL) in US District Court for the Northern District of Ohio. Litigation against the Group in the MDL is stayed. Motions to remand are currently being considered by the court in over 50 cases to which the Group is a party (among numerous other defendants).

-- The Court in the MDL held a status conference on June 22, 2022, with county and municipality plaintiffs and certain manufacturer defendants (including the Group) and distributor defendants to discuss what information the parties needed to proceed, whether the parties would entertain settlement and whether there should be any bellwether trials from this subset of plaintiffs and defendants. The court agreed no additional bellwether trials are needed, provided that all of the parties were progressing on a settlement track. Additionally, the court ordered a status conference with this same group of plaintiff and defendants for September 23, 2022.

-- Separately, the Group's response to five individual complaints filed in West Virginia state court that have not been transferred to the MDL is due by August 5, 2022.

-- Given the status and preliminary stage of litigation in both the MDL and state courts, no estimate of possible loss in the opioid litigation can be made at this time.

[maywillow] 24/9/2022 15:58

The expected timetable for the General Meeting, the Consolidation and the Additional US Listing is set out below:


Event


Expected time/date (see note 1)

Latest time and date for receipt of Forms of Proxy, eProxy appointment instruction and CREST electronic proxy appointment instruction


11.00 a.m. (London time) on September 28, 2022

Voting Record Time for the General Meeting for Indivior Shareholders


6.00 p.m. (London time) on September 28, 2022 (see note 2)

General Meeting


11.00 a.m. (London time) on September 30, 2022

Consolidation Record Time


6.00 p.m. (London time) on
October 7, 2022

Admission of New Ordinary Shares to listing on the premium listing segment of the Official List and to trading on the London Stock Exchange’s main market for listed securities and commencement of dealings in New Ordinary Shares


8.00 a.m. (London time) on
October 10, 2022

Expected date CREST accounts are to be credited with New Ordinary Shares in uncertificated form


October 10, 2022

Expected date for dispatch of definitive certificates for New Ordinary Shares in certificated form


October 17, 2022

Expected date for payment (where applicable) of fractional entitlements for New Ordinary Shares


October 21, 2022

Expected time and date for admission and commencement of dealings in Indivior Shares on a major US stock exchange


By 8.00 a.m. (New York time) on May 31, 2023

Expected date for issue of Indivior DIs to CREST participant accounts and crediting of CSN Facility accounts


On or around May 31, 2023

[disc0dave45] 24/9/2022 12:03

10th October new shares traded on LSE.

[ariane] 24/9/2022 10:19

Upcoming events on INDIVIOR PLC

September/30/2022 | 11:00am Shareholders Meeting

October/27/2022 Q3 2022 Earnings Release

October/27/2022 | 01:00pm Q3 2022 Earnings Call

[disc0dave45] 24/9/2022 09:40

Consolidations are generally viewed as being negative by the market, so wouldn't be surprised to see a drop prior to the consolidation date....a good entry / top up opportunity.

[gregmorg] 14/9/2022 13:34

My experience of the old days when share certificates were issued was that old certs were cancelled snd new ones issued. Digitally these days it’s probably very easily done with a central register.
As my holdings are spread over several accounts ,SIPP’s ISA’s main account etc I revised up any quantity nor exactly divided by 5! Saves any argument over numbers was my theory!

Barely makes much difference really

[gregmorg] 14/9/2022 12:10

Mm well, I admit I have dreamed of Indivior reaching £14 or indeed £15 a share. Unfortunately for me, my dream didn’t cover the consolidation aspect!

Even so, I am hopeful that continuing good results as per recent time will project the shares to beyond a record level which really means beyond £25 according to my arithmetic !
Nice thought that!
Not worried that some investors like penny shares for that is not a game for me. It was once and yes, it was exciting but often the follow on -devastating comes to mind!

LESG went from £3 approx to £99 ( now £80 approx ) so size doesn’t prevent momentum -both ways admittedly!
Rather hopeful the cannabis drug makes development progress this year so that more strings to the bow are added .

[casholaa] 08/9/2022 15:20

I've been in this situation before but I can't remember how it works. I don't know if they simply an amount of tradable shares with a broker capable of US trading or issue new ones.

[steeplejack] 08/9/2022 11:21

So we're going to have a 1:5 consolidation which will give a share price of well over £14 at current share prices.Whilst heavyweight prices in the US are popular (taken to reflect a successful past) the attitude in the UK is more parochial.UK punters have a penchant for penny stocks,taking some strange comfort in the fact that they hold a sizeable number of shares.....trust me,its true!So consolidations are not always that well received in the UK albeit that brokers are becoming more adept at making the updating of nominee accounts quicker and more seamless.

[waldron] 05/9/2022 16:46

September 5, 2022

Indivior PLC (the 'Company')

Publication of Circular and Notice of General Meeting

On July 28, 2022, the Board of Directors of the Company announced that, following consultation with institutional shareholders, it had decided to seek the approval of shareholders for an additional listing of Indivior Shares on a major US stock exchange (the "Additional US Listing").

Further to that announcement, the Company has today posted or made available to shareholders a circular (the "Circular") incorporating a notice of general meeting (the "General Meeting") regarding the Additional US Listing. In order to implement the Additional US Listing, shareholder approval is being sought (i) to adopt new articles of association and (ii) to effect a consolidation of Indivior's existing ordinary share capital at a ratio of one new ordinary share for every five existing ordinary shares (the "Consolidation"). Further details regarding the proposed new articles of association and the proposed Consolidation are set out in the Circular.

Copies of the following documents have been submitted to the FCA and will shortly be available for inspection at: hxxps://data.fca.org.uk/#/nsm/nationalstoragemechanism

- Circular incorporating the notice of General Meeting;
- Form of Proxy for the General Meeting; and
- Proposed amendments to the articles of association.

The Circular incorporating the notice of General Meeting and the proposed amendments to the articles of association can also be viewed on the Company's website at: www.indivior.com/en/investors/shareholder-information and will be available for inspection at the place of the General Meeting for at least 15 minutes before and during the General Meeting .

The General Meeting will be held on Friday September 30, 2022, at 11.00 a.m. at the offices of Freshfields Bruckhaus Deringer LLP, 100 Bishopsgate, London EC2P 2SR.

The expected timetable for the General Meeting, the Consolidation and the Additional US Listing is set out below:


Event Expected time/date
(see note 1)
Latest time and date for receipt of Forms 11.00 a.m. (London time)
of Proxy, eProxy appointment instruction on September 28, 2022
and CREST electronic proxy appointment
instruction
-------------------------
Voting Record Time for the General Meeting 6.00 p.m. (London time)
for Indivior Shareholders on September 28, 2022
(see note 2)
-------------------------
General Meeting 11.00 a.m. (London time)
on September 30, 2022
-------------------------
Consolidation Record Time 6.00 p.m. (London time)
on
October 7, 2022
-------------------------
Admission of New Ordinary Shares to listing 8.00 a.m. (London time)
on the premium listing segment of the on
Official List and to trading on the London October 10, 2022
Stock Exchange's main market for listed
securities and commencement of dealings
in New Ordinary Shares
-------------------------
Expected date CREST accounts are to be October 10, 2022
credited with New Ordinary Shares in
uncertificated form
-------------------------
Expected date for dispatch of definitive October 17, 2022
certificates for New Ordinary Shares
in certificated form
-------------------------
Expected date for payment (where applicable) October 21, 2022
of fractional entitlements for New Ordinary
Shares
-------------------------
Expected time and date for admission By 8.00 a.m. (New York
and commencement of dealings in Indivior time) on May 31, 2023
Shares on a major US stock exchange
-------------------------
Expected date for issue of Indivior DIs On or around May 31,
to CREST participant accounts and crediting 2023
of CSN Facility accounts
-------------------------


NOTES:

1) All dates and times are based on Indivior's current expectations and are subject to change. If any of the dates and/or times change, Indivior will give notice of the change by issuing an announcement through a Regulatory News Service.

2) Only those Indivior Shareholders entered on the register of members at 6.00 p.m. (London time) on September 28, 2022 or, if the General Meeting is adjourned, on the register of members at 6.00 p.m. on the day which is two business days before the time of the adjourned meeting, shall be entitled to attend and vote at the General Meeting in respect of the number of Indivior Shares registered in their name at that time.