– Enables Greater Impact Across ADHD Patient Communities,
– AZSTARYS Expected to Generate Over $50 Million in Second Half 2026 Pro Forma Net Revenue,
– Expected Patent Protection into 2037,
– Transaction Expected to be Immediately Accretive to Adjusted EBITDA,
– Acquisition to Be Funded by Collegium's Cash on Hand and Previously Announced $300 Million Delayed Draw Term Loan,
– Conference Call Scheduled for Today at 9:00 a.m. ET,
STOUGHTON, Mass. and CAMBRIDGE, Mass., March 19, 2026 (GLOBE NEWSWIRE) -- Collegium Pharmaceutical, Inc. (NASDAQ:COLL) and Corium Therapeutics Holdings, LLC (Corium Therapeutics), today announced a definitive agreement pursuant to which Collegium will acquire AZSTARYS for $650 million in cash with the potential for additional milestone payments up to $135 million depending on future commercial and regulatory milestones.
Corium Therapeutics is a privately held company that, through its subsidiaries, markets and distributes AZSTARYS (serdexmethylphenidate and dexmethylphenidate), a central nervous system (CNS) stimulant prescription medicine used for the treatment of Attention Deficit Hyperactivity Disorder (ADHD) in people 6 years of age and older. It is the first and only ADHD treatment with both immediate release and long-acting medicines in one capsule. The acquisition of AZSTARYS is expected to significantly strengthen Collegium's position in ADHD, further diversifying and bolstering its revenue base.
"The acquisition of AZSTARYS marks a highly strategic addition to our product portfolio, one that accelerates our growth trajectory while reinforcing our long-standing commitment to improving patient care and delivering shareholder value," said Vikram Karnani, President and Chief Executive Officer. "The addition of AZSTARYS will significantly complement our existing ADHD business while extending revenues into 2037 and beyond. Healthcare providers view both JORNAY PM® and AZSTARYS as differentiated medicines that each play an important role in addressing the unmet needs of people with ADHD. This immediately accretive transaction meaningfully advances our ambition to build a leading, diversified biopharmaceutical company."
"Over the past two years, our team has worked hard to establish AZSTARYS as a leading treatment option for patients with ADHD through innovative patient access solutions and analytically driven execution," said Todd Smith, Chief Executive Officer of Corium Therapeutics. "We are proud of the progress that has been achieved and believe Collegium is well positioned to build on that foundation and continue expanding its reach."
Transaction Rationale
Strategically aligns with Collegium's mission of building a leading, diversified biopharmaceutical company by expanding its position in ADHD, further diversifying its commercial portfolio beyond responsible pain management.
Leverages Collegium's established ADHD commercial infrastructure and expertise to accelerate AZSTARYS' growth trajectory and drive operational efficiencies, further strengthening Collegium's financial position through increased revenue scale and annual run rate synergies expected to be in excess of $50 million within twelve months post-closing.
Strengthens Collegium's position in ADHD. AZSTARYS generated more than 760,000 prescriptions in 2025 and adds a complementary medicine to Collegium's ADHD portfolio. AZSTARYS is expected to generate over $50 million in second half 2026 pro forma net revenue.
Expected to extend the longevity of Collegium's ADHD portfolio as AZSTARYS is supported by six Orange Book-listed patents, most of which do not expire until December 2037.
Further strengthens Collegium's financial position by expanding its revenue base, supporting margin expansion, and enhancing future cash flow generation.
Additional Transaction Details
Under the terms of the agreement, Collegium will acquire the AZSTARYS business for $650 million in cash at closing. Collegium may also pay Corium Therapeutics up to $135 million in additional consideration if AZSTARYS achieves certain commercial and regulatory milestones.
The all-cash consideration will be funded by a combination of Collegium's existing cash on hand and $300 million from a delayed draw term loan which is part of the syndicated credit facility announced by Collegium in December 2025. The term loan will bear interest at an annual rate equal to the term Secured Overnight Financing Rate (SOFR) plus a spread based on the Company's First Lien Net Leverage Ratio (as defined in the Credit Agreement) ranging from 2.75% to 3.75%. The interest rate upon closing will be SOFR plus 3.25%.
At the close of this transaction, Collegium expects its net leverage to be approximately two times based on estimated 2026 combined adjusted EBITDA.
Collegium expects this transaction to be immediately accretive to adjusted EBITDA.
Timing to Close
The transaction, which has been unanimously approved by the boards of directors of both companies, is expected to close in the second quarter of 2026, subject to customary closing conditions, including receipt of required regulatory ...
