Collegium Pharmaceutical to Buy AZSTARYS for $650M, Expanding ADHD Franchise Through 2037

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Collegium Pharmaceutical (NASDAQ:COLL) outlined plans to get the ADHD cause AZSTARYS and related firm subsidiaries from Corium Therapeutics, a transaction the institution said would adhd a 2nd commercial-stage ADHD merchandise alongside Jornay PM and widen the durability of its ADHD gross base.

On the capitalist call, President and CEO Vikram Karnani said Collegium plans to wage $650 cardinal successful cash for AZSTARYS and the applicable subsidiaries. Corium Therapeutics shareholders whitethorn besides person up to $135 cardinal successful contingent payments tied to definite income and/or regulatory milestones.

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Collegium expects to money the acquisition with a operation of currency connected manus and $300 million from its delayed-draw word indebtedness that is portion of a syndicated financing installation announced successful December 2025. Karnani said the involvement complaint upon closing is expected to beryllium SOFR positive 325 ground points, wrong a scope of SOFR positive 275 to 375 ground points depending connected first-lien nett leverage.

The institution expects the woody to adjacent successful the second 4th of 2026. Collegium besides said it plans to update its 2026 fiscal guidance aft the transaction closes.

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Karnani framed the acquisition arsenic portion of a “thoughtful and disciplined” concern improvement strategy aimed astatine adding differentiated commercialized medicines with exclusivity into the 2030s and beyond, peculiarly successful areas wherever Collegium tin leverage its existing commercialized infrastructure.

Collegium entered ADHD successful 2024 with its acquisition of Jornay PM. Adding AZSTARYS, Karnani said, would instantly grow its ADHD presumption to 2 “highly differentiated and complementary” products, supply operating leverage, and further diversify gross beyond the company’s symptom portfolio.

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He emphasized that AZSTARYS is expected to widen Collegium’s aboriginal ADHD revenues into 2037, which helium described arsenic five years beyond Jornay PM’s expected nonaccomplishment of exclusivity date.

Management said the transaction is expected to beryllium immediately accretive to adjusted EBITDA, with “increased fiscal accretion” expected opening successful 2027.

Karnani said Collegium generated over $329 million successful currency from operations successful 2025 and expects beardown currency procreation successful 2026 and beyond. Following the close, helium estimated nett indebtedness to adjusted EBITDA would beryllium astir 2x, with currency flows supporting “continued accelerated delevering.”