ADHD Treatment Drug ‘AZSTARYS’ Acquired for $780 Million.. U.S. Pharma Expands CNS Portfolio

Collegium Pharmaceutical, Inc. (NASDAQ: COLL) has entered into a definitive agreement to acquire the ADHD treatment franchise AZSTARYS from Corium Therapeutics Holdings. Under the terms of the deal, Collegium will pay $650 million in cash (approximately KRW 870 billion) at closing, with up to an additional $135 million (approximately KRW 180 billion) payable based on future performance. The transaction will be funded with cash on hand and a $300 million delayed-draw term loan, and is expected to close in the second quarter of 2026, subject to regulatory approvals. Collegium anticipates that integrating AZSTARYS will generate over $50 million (approximately KRW 70 billion) in incremental revenue and more than $50 million in annual cost synergies beginning in the second half of 2026, with patent protection extending through 2037. The company also expects an immediate contribution to adjusted EBITDA and pro forma leverage of around 2× following closing.

In 2025, the company recorded product sales in the high $700 million range (approximately KRW 1 trillion), achieving double-digit growth driven by its ADHD treatment Jornay PM and an expanded pain-management portfolio. It has provided guidance for further revenue and adjusted EBITDA growth in 2026. At year-end 2025, Collegium secured a new $980 million syndicated loan (approximately mid-KRW 1 trillion) to refinance existing high-cost debt, and through a generic partnership with Hikma, it is broadening U.S. distribution of Nucynta products—steps that strengthen its financial structure and distribution network. (biospace.com)

Headquartered in Stoughton, Massachusetts, Collegium is a specialty pharmaceutical company with a portfolio that includes long-acting pain therapies Xtampza ER, Belbuca and Nucynta; the opioid-induced constipation treatment Symproic; and the ADHD medication Jornay PM. Building on its leadership in responsible pain management, the company is expanding into ADHD and neuropsychiatric indications to reinforce its biopharma model focused on central nervous system disorders. (stockanalysis.com)