Collegium Pharmaceutical, Inc. (COLL) has announced a definitive agreement to acquire AZSTARYS from Corium Therapeutics for $650 million in cash, with potential milestone payments up to $135 million.
The acquisition adds a differentiated ADHD treatment to Collegium's growing neuropsychiatry portfolio and is expected to accelerate the company's growth trajectory.
AZSTARYS, a central nervous system stimulant combining immediate-release and long-acting medicines in one capsule, is approved for patients aged six and older with ADHD. The medicine generated more than 760,000 prescriptions in 2025 and is projected to deliver over $50 million in pro forma net revenue in the second half of 2026. Patent protection is expected to extend into 2037, ensuring long-term portfolio strength.
Collegium emphasized that the acquisition will be immediately accretive to adjusted EBITDA, funded through existing cash and a previously announced $300 million term loan. The company expects net leverage of approximately two times adjusted EBITDA upon closing.
Executives highlighted the strategic fit of AZSTARYS alongside Collegium's existing ADHD therapy, JORNAY PM, noting that both medicines address unmet needs in the ADHD community. The transaction has been unanimously approved by both boards and is expected to close in the second quarter of 2026, pending regulatory approvals.
COLL has traded between $23.23 and $50.79 over the past year. The stock closed yesterday's trading at $34.80, down 2.58%. In the pre-market trading the stock is at $34.53, down 0.78%.
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