Indivior’s shareholders take the good news when they can get it. The drugs group, a specialist in treatments for opioid addiction, paid off $150 million of expensive loans yesterday and that was enough to push the stock 2.5 per cent, 6¾p, higher to 266½p.
In truth, for such a hugely cash-generative business, reducing its borrowings to $333 million is the easy bit. The hard part — getting its drugs to market and seeing off competition from copycats — is still to come. The question for investors is whether they want to join it on what can only be a bumpy ride.
Indivior began life as a listed company at the end of 2014 when it was spun out of Reckitt Benckiser for 120p a share,