Collegium Pharmaceutical announced a $650 million all‑cash purchase of AZSTARYS, a central nervous system stimulant for ADHD, from Corium Therapeutics. The deal includes up to $135 million in milestone payments tied to future commercial and regulatory milestones and is expected to close in the second quarter of 2026, subject to customary closing conditions and regulatory approvals.
AZSTARYS is the first and only ADHD treatment that combines immediate‑release and long‑acting components in a single capsule, containing serdexmethylphenidate and dexmethylphenidate. The product generated more than 760,000 prescriptions in 2025 and is projected to contribute over $50 million in pro‑forma net revenue in the second half of 2026. The acquisition adds a differentiated, evening‑dosed ADHD product to Collegium’s portfolio, complementing its existing JORNAY PM and extending the company’s revenue base through 2037.
The transaction is immediately accretive to adjusted EBITDA, reinforcing Collegium’s dual‑engine growth model and providing high‑margin cash flow to support future expansion and capital allocation initiatives. The acquisition is financed with cash on hand and a $300 million delayed‑draw term loan announced in December 2025, giving the company strong liquidity and flexibility.
Collegium’s recent financial performance underscores the strategic fit of the deal. In Q4 2025, the company reported adjusted EPS of $2.04 versus consensus $2.14 and revenue of $205.45 million versus consensus $207.07 million. Full‑year 2025 product revenues reached $781 million, up 24% YoY, and adjusted EBITDA was $461 million, up 15% from the prior year. The ADHD segment, driven by JORNAY PM, delivered net revenue of $45.9 million in Q4 2025 (57% YoY growth) and $148.9 million for the full year (48% YoY growth), while the pain portfolio generated $631.7 million in FY 2025, up 6% YoY.
Management highlighted the strategic importance of the acquisition. President and CEO Vikram Karnani said, "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." He added, "The addition of AZSTARYS will significantly complement our existing ADHD business while extending revenues into 2037 and beyond." CFO Colleen Tupper noted, "We are on track to achieve our recently increased financial guidance for 2025 and expect additional topline revenue growth in 2026 to be driven largely by increasing Jornay PM sales."
The deal positions Collegium to capture a larger share of the growing ADHD market, leveraging its existing commercial infrastructure and the complementary profiles of AZSTARYS and JORNAY PM. With patent protection extending into 2037, the company can capitalize on a multi‑year revenue stream while maintaining high margins. The acquisition also strengthens Collegium’s balance sheet and supports its broader growth strategy, providing the financial flexibility to pursue additional opportunities in the coming years.
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