Collegium Pharmaceutical Acquires AZSTARYS for $650 Million to Strengthen ADHD Portfolio
Key Insights
Collegium Pharmaceutical (search) announced a $650 million cash acquisition of AZSTARYS from Corium Therapeutics (search), with potential additional milestone payments up to $135 million.
AZSTARYS is the first and only ADHD (search) treatment combining immediate release and long-acting medicines in one capsule, generating over 760,000 prescriptions in 2025.
The acquisition is expected to generate over $50 million in second half 2026 pro forma net revenue and provide patent protection until 2037.
Collegium Pharmaceutical (search) announced on March 19, 2026, a definitive agreement to acquire AZSTARYS from privately held Corium Therapeutics (search) for $650 million in cash, with potential additional milestone payments up to $135 million based on future commercial and regulatory achievements. The acquisition significantly strengthens Collegium's position in the ADHD (search) treatment market and diversifies its revenue base beyond pain management.
Strategic Addition to ADHD Portfolio
AZSTARYS (serdexmethylphenidate and dexmethylphenidate) represents a breakthrough in ADHD (search) treatment as the first and only medication combining both immediate release and long-acting medicines in a single capsule. The central nervous system stimulant is approved for treating Attention Deficit Hyperactivity Disorder (search) in patients 6 years of age and older.
"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 of Collegium. "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 (search)."
Strong Commercial Performance and Growth Potential
AZSTARYS demonstrated robust market performance, generating more than 760,000 prescriptions in 2025. The medication is projected to generate over $50 million in second half 2026 pro forma net revenue for the combined entity. Todd Smith, Chief Executive Officer of Corium Therapeutics (search), noted that his team "worked hard to establish AZSTARYS as a leading treatment option for patients with ADHD (search) through innovative patient access solutions and analytically driven execution."
The acquisition leverages Collegium's established ADHD (search) commercial infrastructure and expertise to accelerate AZSTARYS' growth trajectory. The company expects annual run rate synergies in excess of $50 million within twelve months post-closing, driven by operational efficiencies and increased revenue scale.
Extended Patent Protection and Financial Impact
AZSTARYS is supported by six Orange Book-listed patents, with most not expiring until December 2037, extending the longevity of Collegium's ADHD (search) portfolio. This patent protection provides a significant competitive advantage and revenue visibility well into the next decade.
The transaction is expected to be immediately accretive to adjusted EBITDA and will strengthen Collegium's financial position through expanded revenue base, margin expansion, and enhanced future cash flow generation. At closing, Collegium expects its net leverage to be approximately two times based on estimated 2026 combined adjusted EBITDA.
Transaction Financing and Timeline
The all-cash consideration will be funded through a combination of Collegium's existing cash on hand and $300 million from a delayed draw term loan, part of the syndicated credit facility announced in December 2025. The term loan will bear interest at SOFR plus 3.25% upon closing.
The transaction, unanimously approved by both companies' boards of directors, is expected to close in the second quarter of 2026, subject to customary closing conditions including regulatory and Hart-Scott-Rodino approvals. Leerink Partners (search) serves as financial advisor to Collegium, while Centerview Partners (search) advises Corium Therapeutics (search).