S&P SmallCap 600 Swaps In MSG Rangers, Huron Across Two Dates

S&P Dow Jones Indices said on October 22, 2026, that MSG Rangers Inc. will be added to the S&P SmallCap 600 effective prior to the opening of trading on October 27, 2026, and that Huron Consulting Group Inc. (HURN ) will join the index effective prior to the opening of trading on November 2, 2026, in two changes tied to a corporate spin-off and a pending pharmaceutical merger.

MSG Rangers will replace Arbor Realty Trust (ABR ), which will be removed from the S&P SmallCap 600 effective prior to the opening of trading on October 28, 2026. S&P Dow Jones Indices said Arbor Realty Trust is no longer representative of the small-cap market space, and that S&P SmallCap 600 constituent Madison Square Garden Sports Corp. (MSGS ) is spinning off MSG Rangers in a transaction expected to be completed on October 27, 2026. Madison Square Garden Sports will be renamed MSG Knickerbockers Inc. and will remain in the index.

Huron Consulting Group will replace Supernus Pharmaceuticals Inc. (SUPN ) effective prior to the opening of trading on November 2, 2026. S&P Dow Jones Indices said Indivior Pharmaceuticals Inc. (INDV ) is acquiring Supernus Pharmaceuticals in a deal expected to be completed soon, pending final closing conditions.

In the summary of changes published with the announcement, MSG Rangers is classified in the Communication Services sector, Arbor Realty Trust in Financials, Huron Consulting Group in Industrials and Supernus Pharmaceuticals in Health Care.

Rangers Spin-Off Distribution

In a September 30, 2026 announcement, Madison Square Garden Sports said its board of directors had approved the spin-off of its New York Rangers business from its New York Knicks business, with the transaction expected to be completed on October 26, 2026. The distribution will take place on October 26, 2026, to MSG Sports stockholders of record as of the close of business on October 20, 2026. Each common stockholder will receive one share of MSG Rangers Class A or Class B common stock for every two shares of MSG Sports Class A or Class B common stock held as of the record date, representing all the outstanding shares of MSG Rangers. No action or payment is required by stockholders to receive the MSG Rangers shares.

Upon completion, MSG Sports will be renamed MSG Knickerbockers Corp. and will be comprised of the New York Knicks and the Westchester Knicks, according to the company. MSG Rangers Corp. will include the New York Rangers, the Hartford Wolf Pack and the MSG Training Center. James L. Dolan will serve as Executive Chairman and Chief Executive Officer of MSG Rangers and will remain Executive Chairman and Chief Executive Officer of MSG Knicks.

“With our board’s approval we are now one step closer to our goal of separating our Knicks and Rangers businesses into two distinct public companies,” Dolan said in the announcement. He added that both teams have storied histories and large and passionate fan bases, and that the company believes each company will be well-positioned to generate long-term value for shareholders.

The company said its common stock would trade in two markets on the NYSE beginning on October 21, 2026, and continuing until the distribution: in the regular-way market under the existing symbol MSGS and in the ex-distribution market under the symbol MSGK WI. Any holders of MSG Sports Class A common stock who sell shares regular way on or before October 26, 2026, will also be selling their right to receive Class A common stock of MSG Rangers. MSG Rangers Class A common stock was expected to trade on a when-issued basis under the symbol MSGR WI over the same period, and regular-way trading is set to begin on October 27, 2026, with MSG Knicks Class A common stock trading under the symbol MSGK and MSG Rangers Class A common stock under the symbol MSGR. The CUSIP number for MSG Sports Class A common stock will remain 55825T103, and the CUSIP number for MSG Rangers Class A stock will be 62477J102. The Class B common stock of each company is not listed on a securities exchange.

The spin-off is intended to qualify as a tax-free distribution to MSG Sports stockholders and the company for U.S. federal income tax purposes. Completion is subject to the effectiveness of the Form 10 registration statement and to certain conditions, approvals and consents, including final league approval and receipt of a tax opinion from counsel, the company said. J.P. Morgan is serving as financial advisor, and Sullivan & Cromwell LLP is serving as legal advisor.

Indivior and Supernus Merger Terms

Supernus and Indivior announced a definitive agreement on August 3, 2026 to combine in what the companies described as a tax-free all-stock merger of equals. The agreement was unanimously approved by the boards of directors of both companies. Under its terms, Supernus stockholders will receive 1.5401 common shares of Indivior for each share of Supernus they own, and Indivior stockholders will receive a one-time special cash dividend of $1.0 billion in aggregate immediately prior to closing. The companies said they secured a $650 million debt commitment through a term loan facility provided by Citibank N.A. to finance the dividend, with the remaining portion to be funded from existing cash on hand. Upon closing, Indivior stockholders will own approximately 56.5% of the combined company and Supernus stockholders will own approximately 43.5%, on a fully diluted basis.

The combined entity will be named Supernus, Inc. and will be listed on the Nasdaq Global Market under the ticker symbol SUPN, the companies said. Jack Khattar, Supernus President and Chief Executive Officer, will serve as President, Chief Executive Officer and a member of the board of directors of the combined company, and Tony Kingsley, a member of Indivior’s board, will serve as Board Chair. The combined company’s board is expected to total eight directors, with four from each company, and Supernus’ headquarters in Rockville, Md., will serve as the combined company’s global headquarters.

The companies said the transaction is expected to generate $125 million in annual cost synergies, and they projected pro forma net revenue of $2.2 billion and pro forma adjusted EBITDA of $888 million for the combined company, a figure that includes the expected synergies. They put pro forma net debt at approximately $878 million, reflecting reported net debt as of June 30, 2026, adjusted for the $650 million of debt assumed to be drawn to fund the dividend and the dividend payment, and not reflecting transaction costs, financing fees or costs to achieve the synergies. The combined company is expected to have a commercial portfolio of 11 medicines across psychiatry, neurology and addiction, according to the companies.

Cantor Fitzgerald & Co. is serving as lead financial advisor to Supernus, with Wells Fargo as an additional financial advisor and Saul Ewing LLP as legal counsel. Jefferies LLC and Piper Sandler & Co. are serving as joint financial advisors to Indivior, with Goodwin Procter LLP as legal counsel and Citibank, N.A. providing committed financing in support of the transaction. The transaction was expected to close in the fourth quarter of 2026, subject to approval by stockholders of both companies, regulatory approvals and customary closing conditions, the companies said.