Collegium Pharmaceutical (NASDAQ:COLL) outlined plans to acquire the ADHD drug AZSTARYS and related corporate subsidiaries from Corium Therapeutics, a transaction the company said would add a second commercial-stage ADHD product alongside Jornay PM and extend the durability of its ADHD revenue base.
Transaction terms and timing
On the investor call, President and CEO Vikram Karnani said Collegium plans to pay $650 million in cash for AZSTARYS and the relevant subsidiaries. Corium Therapeutics shareholders may also receive up to $135 million in contingent payments tied to certain sales and/or regulatory milestones.
The company expects the deal to close in the second quarter of 2026. Collegium also said it plans to update its 2026 financial guidance after the transaction closes.
Strategic rationale: expanding in ADHD and diversifying beyond pain
Karnani framed the acquisition as part of a “thoughtful and disciplined” business development strategy aimed at adding differentiated commercial medicines with exclusivity into the 2030s and beyond, particularly in areas where Collegium can leverage its existing commercial infrastructure.
Collegium entered ADHD in 2024 with its acquisition of Jornay PM. Adding AZSTARYS, Karnani said, would immediately expand its ADHD position to two “highly differentiated and complementary” products, provide operating leverage, and further diversify revenue beyond the company’s pain portfolio.
He emphasized that AZSTARYS is expected to extend Collegium’s future ADHD revenues into 2037, which he described as five years beyond Jornay PM’s expected loss of exclusivity date.
Financial expectations and synergy targets
Management said the transaction is expected to be immediately accretive to adjusted EBITDA, with “increased financial accretion” expected beginning in 2027.
Karnani said Collegium generated over $329 million in cash from operations in 2025 and expects strong cash generation in 2026 and beyond. Following the close, he estimated net debt to adjusted EBITDA would be approximately 2x, with cash flows supporting “continued rapid delevering.”
Collegium also provided targets related to AZSTARYS’ contribution and costs:
- More than 760,000 prescriptions for AZSTARYS in 2025, according to management.
- Over $50 million in pro forma net revenues from AZSTARYS in the second half of 2026, assuming closing occurs in Q2.
- More than $50 million of estimated cost improvements within 12 months post-close compared with expected standalone costs to commercialize AZSTARYS, driven by leveraging Collegium’s existing ADHD commercial infrastructure.
During Q&A, management said Corium is privately held and has not disclosed AZSTARYS net revenue for 2025. Karnani added that net revenue depends on variables such as gross-to-net dynamics and prescription volumes, and said the company’s diligence supported its expectation of more than $50 million in net sales in the second half of 2026.
Market context and product differentiation
Chief Commercial Officer Scott Dreyer described ADHD as a large and growing market, citing roughly 22 million U.S. patients across pediatrics, adolescents, and adults, with about 111 million prescriptions written in 2025. He said ADHD prescriptions have grown about 8% annually over the past five years, and that nearly 90% of prescriptions are for stimulant medications.
Dreyer said both Jornay PM and AZSTARYS are methylphenidate-based stimulants and each generated over 760,000 prescriptions in 2025. He argued the brands are complementary, pointing to different delivery profiles and patient needs:
- Jornay PM: taken at night, designed to provide efficacy upon awakening and throughout the day; described as the only ADHD stimulant taken at night.
- AZSTARYS: described as the first and only ADHD treatment with both fast- and long-acting medicines in one capsule, offering rapid efficacy and duration later into the evening; includes an immediate-release component and a prodrug-based extended effect.
Dreyer also cited first-quarter 2026 market research indicating high healthcare professional perceptions of product differentiation for both brands, including stated intent to increase prescribing. He said 70% of healthcare professionals indicated a strong intent to increase prescribing of Jornay PM, while 53% indicated an intent to increase prescribing of AZSTARYS.
Commercial execution and Q&A highlights
Responding to questions about AZSTARYS prescription trends, Dreyer said Corium “did a good job” launching the product with limited resources, and argued Collegium could drive additional growth by leveraging a larger sales organization and its experience commercializing Jornay PM. He noted Corium “most recently” had about 100 representatives, compared with Collegium’s 180 representatives.
On potential cannibalization between the two ADHD products, Dreyer said the answer was “no,” citing the large overall stimulant market and the products’ distinct use cases. Management also said it is still evaluating the appropriate resources needed to support both brands and expects to provide updated guidance upon closing.
Asked about contracting and market access, Dreyer said the company is committed to broad access for both products and highlighted the existence of co-pay programs designed to support utilization when prescribed. He added that Collegium plans to promote both products rather than positioning one as a primary product.
Regarding the deal’s contingent regulatory milestones, management said it would provide more detail upon closing and characterized them as more related to the manufacturing side.
On valuation, management did not provide specifics but said it views the transaction as fair value and highlighted AZSTARYS’ expected exclusivity through December 2037. Karnani also said the upfront consideration includes reimbursement for a buyout of future royalty obligations, leaving the asset “unencumbered” from a royalty perspective.
About Collegium Pharmaceutical (NASDAQ:COLL)
Collegium Pharmaceutical, Inc is a specialty pharmaceutical company focused on the development, manufacture and commercialization of products for pain management and opioid dependence. The company’s core expertise lies in its DETERx microsphere technology, a platform designed to provide extended-release delivery of active pharmaceutical ingredients while deterring manipulation for unintended routes of abuse.
The company’s principal marketed products include Xtampza® ER (extended-release oxycodone), which received approval from the U.S.
