Collegium Pharmaceutical to Acquire AZSTARYS for $650M, Expanding ADHD Portfolio and Boosting Growth
COLL sits 56% above its 52-week low of $23.23 on elevated volume (2.6× avg).
Summary
Collegium Pharmaceutical announced a definitive agreement to acquire AZSTARYS for $650 million in cash and up to $135 million in milestones, significantly expanding its ADHD portfolio and expected to be immediately accretive to adjusted EBITDA.
Key Events · M&A and Partnerships · COLL
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Acquisition Agreement
Collegium Pharmaceutical entered into an Equity Purchase Agreement to acquire AZSTARYS, a central nervous system stimulant prescription medicine for ADHD, from Corium Therapeutics Holdings, LLC and Corium, LLC.
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Transaction Value
The acquisition is for $650 million in cash at closing, with potential additional milestone payments of up to $135 million based on future commercial and regulatory achievements.
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Strategic Rationale
The acquisition strengthens Collegium's position in the ADHD market, further diversifying its commercial portfolio, and is expected to be immediately accretive to adjusted EBITDA.
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Financial Impact
AZSTARYS is projected to generate over $50 million in pro forma net revenue in the second half of 2026 and is supported by six Orange Book-listed patents, most of which do not expire until December 2037.
Analysis · COLL · Life Sciences
This 8-K filing details Collegium Pharmaceutical's definitive agreement to acquire AZSTARYS, an ADHD treatment, for $650 million in cash plus up to $135 million in potential milestone payments. This is a highly significant acquisition, representing over 50% of the company's current market capitalization. The company anticipates the acquisition will be immediately accretive to adjusted EBITDA, generate over $50 million in pro forma net revenue in the second half of 2026, and extend patent protection for its ADHD portfolio until 2037. The deal is funded by existing cash and a new $300 million delayed draw term loan, with expected net leverage of approximately 2x post-closing. This strategic move aims to strengthen Collegium's position in the ADHD market and accelerate its growth trajectory. Investors should monitor the successful integration of AZSTARYS and its contribution to future financial performance.
How filings like this one have moved
In the 30 days to Oct 5, 2026, 42.7% of the 288 measured filings Wiseek scored 9 moved their stock by 5% or more by the next session's close. The median move was -0.53%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, COLL was trading at $36.30 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $1.2B. The 52-week trading range was $23.23 to $50.79. This filing was assessed with positive market sentiment and an importance score of 9 out of 10.