aibioCollegium completes $650 million AZSTARYS acquisition, funded with cash and $300 million term loan
Tickers COLL
Collegium paid about $650 million in cash for AZSTARYS, using about $350 million of cash on hand and a $300 million delayed draw term loan. Two senior executives are leaving, and the company may pay up to $135 million more if AZSTARYS hits milestones.
Key facts
- Company
- Collegium Pharmaceutical, Inc. (NASDAQ: COLL)
- News type
- Mergers
- Primary source
- COLLEGIUM PHARMACEUTICAL, INC Form 8-K filed May 12, 2026 (SEC EDGAR)
Collegium Pharmaceutical, Inc. (Nasdaq: COLL) completed its acquisition of AZSTARYS, a prescription stimulant for attention-deficit/hyperactivity disorder (ADHD), on May 12, 2026. The company reported the closing in a Form 8-K filed May 12, 2026. The 8-K says the company paid approximately $650 million in cash, subject to customary adjustments for net working capital, indebtedness, cash and transaction expenses.
How the price was funded
The 8-K says about $350 million came from existing cash on hand and $300 million from a delayed draw term loan. That loan is part of a syndicated credit facility Collegium announced in December 2025. The 8-K does not name the lenders or give the loan's interest rate or maturity. The 2025 annual report says the credit agreement Collegium signed in December 2025 has Truist Bank as administrative agent, with $580.0 million in term loan principal outstanding at December 31, 2025. The company also had $241.5 million of 2.875% convertible senior notes due in 2029. The $300 million draw adds to that debt.
The company may also pay the Commave Seller up to $135 million more if AZSTARYS achieves certain future commercial and manufacturing milestones. The 8-K does not say what those milestones are, so the size of the eventual outlay cannot be judged from the filing alone.
The deal structure
Collegium signed an Equity Purchase Agreement on March 19, 2026 with Corium Therapeutics Holdings, LLC, the "Commave Seller," and Corium, LLC, the "Corium Seller." At closing it acquired all of the limited liability interests of GPC Commave Holding, LLC from the first seller and of Commave Sub, LLC from the second. The 8-K says the business was AZSTARYS, a central nervous system stimulant for ADHD in people 6 years of age and older.
Leadership changes
The 8-K discloses two departures, both announced May 11, 2026, and both treated as terminations without cause under existing employment agreements. Scott Dreyer, executive vice president and chief commercial officer, leaves effective August 30, 2026. Thomas Smith, M.D., executive vice president and chief medical officer, will leave after a transition period while the company searches for a successor. The company's board also adopted a 2026 Inducement Plan on May 11, 2026, covering 325,000 shares for new employees.
Guidance and claims from the company
The press release calls the purchase "immediately accretive" and says it raises the company's 2026 guidance. Total product revenues, net, are now expected in the range of $865 to $895 million, up from $805 to $825 million, and adjusted EBITDA in the range of $475 to $500 million, up from $455 to $475 million. JORNAY PM revenue guidance is unchanged at $190 to $200 million. The company says it expects more than $50 million in annual run-rate synergies within twelve months. It also says AZSTARYS generated more than 760,000 prescriptions in 2025 and is expected to bring $60 to $70 million of net revenue during the rest of 2026.
Those are the company's own projections, and the release gives no breakdown of the synergy figure. The release does not give AZSTARYS's stand-alone 2025 revenue. The release says AZSTARYS is supported by six Orange Book-listed patents, most of which do not expire until December 2037.
The company's existing business
Before this deal, Collegium sold pain products, including Belbuca, a buccal film of buprenorphine for severe and persistent pain, and Xtampza ER, an abuse-deterrent extended-release oxycodone formulation. In September 2024 it bought Ironshore, which owned Jornay PM, a methylphenidate stimulant for ADHD. The 2025 annual report says the Ironshore purchase established a commercial presence in neuropsychiatry through the ADHD market. AZSTARYS adds a second ADHD product to that line.
The 2025 annual report shows revenue of $780.6 million and net income of $62.9 million, down from $69.2 million in 2024. Operations provided $329.3 million of cash in 2025. The 8-K does not give a post-closing cash balance. Chief executive Vikram Karnani calls AZSTARYS "complementary and differentiated" in the release, which is the company's own description.