Acquisition of ADHD Treatment for 900 Billion Won.. Competing with Patents Until 2037

U.S.-based specialty pharmaceutical company Collegium Pharmaceutical, Inc. (NASDAQ: COLL) has completed the acquisition of the ADHD therapy AZSTARYS from Corium Therapeutics for approximately $650 million (about KRW 900 billion) and agreed to pay up to $135 million in milestone-based earnouts.

The company expects this deal to generate more than $50 million in synergies within 12 months. It has raised its 2026 product-revenue guidance to $865 million–$895 million and its adjusted EBITDA outlook to $475 million–$500 million. Collegium also forecasts AZSTARYS sales of $60 million–$70 million for the remainder of 2026, citing patent protection through 2037 as the foundation for bolstering its ADHD portfolio.

At the same time, Collegium disclosed that Chief Business Officer Scott Dreyer will depart at the end of August, and Chief Medical Officer Thomas Smith will step down once his successor is appointed.

In an external announcement on May 7, the company reported first-quarter 2026 net product sales of $193.5 million, a 9 percent year-over-year increase, driven in part by a more than 30 percent jump in ADHD therapy JORNAY PM sales. Despite this growth, Collegium maintained its full-year 2026 product-revenue and adjusted EBITDA guidance for its existing operations.

In its April disclosure of full-year 2025 results, Collegium reaffirmed a dual-pillar portfolio strategy centered on pain management and ADHD therapies and reiterated its shareholder-return policy, which includes share repurchases.

Headquartered in Stoughton, Massachusetts, Collegium is a specialty pharmaceutical company focused on developing and commercializing chronic-pain and central-nervous-system therapies. It trades on Nasdaq under the ticker symbol COLL. Originally classified as a specialty and generic drug maker with a focus on extended-release pain products, Collegium has expanded its CNS portfolio to include ADHD treatments such as JORNAY PM and AZSTARYS.