Supernus Pharmaceuticals (SUPN) is a commercial-stage biopharma focused on treating CNS diseases. Supernus has been profitable each year since 2015, but the company has traded at a low earnings multiple lately due to concerns about future growth after a late-stage clinical failure last year. Rather than sitting on its hands, Supernus management went out and made an acquisition that looks very complementary to the company’s strategic direction. In this article, I’ll take a look at that acquisition, Supernus’ other pipeline assets, and why I think the company is substantially undervalued.