Madison Avenue International LP and affiliated reporting persons report beneficial ownership of 4,315,162 shares of Indivior Pharmaceuticals common stock as of March 31, 2026. The filing states this equals approximately 3.5% of the class based on 121,922,058 shares outstanding as of March 18, 2026.
The group structure disclosed names Madison Avenue Partners, EMAI Management, Madison Avenue GP, Caraway Jackson Investments LLC, and Eli Samaha, each described with shared voting and dispositive power over the 4,315,162 shares.
Positive
None.
Negative
None.
Insights
Group discloses a passive sub-5% stake with shared control across related entities.
The filing lists 4,315,162 shares held by Madison Avenue International LP with shared voting and dispositive power attributed across Madison Avenue Partners, EMAI GP entities, Caraway Jackson Investments LLC, and Eli Samaha. The position is reported as approximately 3.5% of 121,922,058 shares outstanding as of March 18, 2026.
Because the stake is below 5%, this is consistent with a non-control passive holding; subsequent filings would disclose any change in direction or ownership percentage.
Disclosure clarifies ownership and voting chain for an institutional holder.
The schedule details the ownership chain and shared voting/dispositive power rather than sole control, naming the investment manager, GP, and related LLCs. The CUSIP G4766E116 and the as-of dates anchor the position size.
Market impact is likely limited given the 3.5% stake; any material change would appear in an amended filing if thresholds are crossed.
Key Figures
Shares beneficially owned:4,315,162 sharesShares outstanding:121,922,058 sharesPercent of class:3.5%
3 metrics
Shares beneficially owned4,315,162 sharesBeneficial ownership as of March 31, 2026
Shares outstanding121,922,058 sharesOutstanding Common Stock as of March 18, 2026 (used for percent)
Percent of class3.5%Calculated based on outstanding shares cited in Schedule 14A
"As of March 31, 2026, Madison Avenue International LP beneficially owned 4,315,162"
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
shared dispositive powerregulatory
"Shared Dispositive Power 4,315,162.00"
Schedule 14Aregulatory
"based on 121,922,058 Common Stock outstanding as of March 18, 2026, as disclosed in the Issuer's Schedule 14A"
Schedule 14A is a document that companies file with regulators to share important information with shareholders before a big vote, like approving a merger or election of directors. It matters because it helps investors understand what’s happening so they can make informed decisions about the company’s future.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 2)
Indivior Pharmaceuticals, Inc.
(Name of Issuer)
Common stock, $0.001 par value per share (the "Common Stock")
(Title of Class of Securities)
G4766E116
(CUSIP Number)
03/31/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
G4766E116
1
Names of Reporting Persons
Madison Avenue International LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
4,315,162.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
4,315,162.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,315,162.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
3.5 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP Number(s):
G4766E116
1
Names of Reporting Persons
Madison Avenue Partners, LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
4,315,162.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
4,315,162.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,315,162.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
3.5 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP Number(s):
G4766E116
1
Names of Reporting Persons
EMAI Management, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
4,315,162.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
4,315,162.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,315,162.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
3.5 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP Number(s):
G4766E116
1
Names of Reporting Persons
Madison Avenue GP, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
4,315,162.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
4,315,162.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,315,162.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
3.5 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP Number(s):
G4766E116
1
Names of Reporting Persons
Caraway Jackson Investments LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
4,315,162.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
4,315,162.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,315,162.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
3.5 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP Number(s):
G4766E116
1
Names of Reporting Persons
Eli Samaha
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
4,315,162.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
4,315,162.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,315,162.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
3.5 %
12
Type of Reporting Person (See Instructions)
IN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Indivior Pharmaceuticals, Inc.
(b)
Address of issuer's principal executive offices:
10710 MIDLOTHIAN TURNPIKE, SUITE 125, NORTH CHESTERFIELD, VA, 23235
Item 2.
(a)
Name of person filing:
The names of the persons filing this statement on Schedule 13G (collectively, the "Reporting Persons") are:
* Madison Avenue International LP,
* Madison Avenue Partners, LP,
* EMAI Management, LLC,
* Madison Avenue GP, LLC,
* Caraway Jackson Investments LLC, and
* Eli Samaha.
(b)
Address or principal business office or, if none, residence:
The principal business address for each of the Reporting Persons is 150 East 58th St, 14th Fl, New York, NY 10155.
(c)
Citizenship:
Madison Avenue International LP is a Cayman Islands exempted limited partnership. Madison Avenue Partners, LP is a Delaware limited partnership. Each of EMAI Management, LLC, Madison Avenue GP, LLC and Caraway Jackson Investments LLC is a Delaware limited liability company. Mr. Samaha is a citizen of the United States of America.
(d)
Title of class of securities:
Common stock, $0.001 par value per share (the "Common Stock")
(e)
CUSIP No.:
G4766E116
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
As of March 31, 2026, Madison Avenue International LP beneficially owned 4,315,162 Common Stock.
Madison Avenue Partners, LP and Madison Avenue GP, LLC, as the investment manager and general partner of Madison Avenue International LP, respectively, may be deemed to be the beneficial owner of the Common Stock owned directly by Madison Avenue International LP.
EMAI Management, LLC, as the general partner of Madison Avenue Partners, LP, may be deemed to be the beneficial owner of the Common Stock owned directly by Madison Avenue International LP.
Caraway Jackson Investments LLC, as the owner of Madison Avenue GP, LLC, may be deemed to be the beneficial owner of the Common Stock owned directly by Madison Avenue International LP.
Mr. Samaha, as the non-member manager of Madison Avenue GP, LLC, the managing member of EMAI Management, LLC, and the majority owner of Caraway Jackson Investments LLC, may be deemed to be the beneficial owner of the Common Stock owned by Madison Avenue International LP.
(b)
Percent of class:
The following percentage is based on 121,922,058 Common Stock outstanding as of March 18, 2026, as disclosed in the Issuer's Schedule 14A, filed with the Securities and Exchange Commission on March 27, 2026.
As of March 31, 2026, the Reporting Persons may be deemed to have beneficially owned approximately 3.5% of the outstanding Common Stock.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
See Cover Pages Items 5-9.
(ii) Shared power to vote or to direct the vote:
See Cover Pages Items 5-9.
(iii) Sole power to dispose or to direct the disposition of:
See Cover Pages Items 5-9.
(iv) Shared power to dispose or to direct the disposition of:
See Cover Pages Items 5-9.
Item 5.
Ownership of 5 Percent or Less of a Class.
Ownership of 5 percent or less of a class
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group.
See Exhibit A of the Schedule 13G filed by the reporting persons with the Securities and Exchange Commission on March 18, 2025.
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Madison Avenue International LP
Signature:
/s/ Eli Samaha
Name/Title:
Eli Samaha, as Manager of Madison Avenue GP, LLC, the General Partner of Madison Avenue International LP
Date:
05/15/2026
Madison Avenue Partners, LP
Signature:
/s/ Eli Samaha
Name/Title:
Eli Samaha, as Managing Member of EMAI Management, LLC, the General Partner of Madison Avenue Partners, LP
Madison Avenue reports beneficial ownership of 4,315,162 shares of Indivior common stock as of March 31, 2026. The filing states this represents approximately 3.5% of the class based on 121,922,058 shares outstanding as of March 18, 2026.
Which entities are included in the reporting group for INDV?
The reporting persons include Madison Avenue International LP, Madison Avenue Partners, LP, EMAI Management, LLC, Madison Avenue GP, LLC, Caraway Jackson Investments LLC, and Eli Samaha, each identified with shared voting and dispositive power over the disclosed shares.
Does the filing indicate sole voting control over the shares?
No; the filing discloses 0 sole voting power and reports the shares under shared voting and shared dispositive power, attributing control across the named manager, GP and related entities rather than to a single holder.
What outstanding share count did the filing use to compute the percent?
The percent calculation uses 121,922,058 Common Stock outstanding as of March 18, 2026, as cited in the issuer's Schedule 14A referenced in the filing, producing the approximately 3.5% figure.
