aibioCollegium completes AZSTARYS purchase for about $650 million, raises 2026 guidance
Tickers COLL
Collegium paid about $650 million in cash for AZSTARYS, using $350 million of its own cash and a $300 million loan draw. Corium Therapeutics may receive up to $135 million more if milestones are met.
Key facts
- Company
- Collegium Pharmaceutical, Inc. (NASDAQ: COLL)
- News type
- Mergers
- Primary source
- Collegium Pharmaceutical, Inc. 8-K (2026-05-12)
Price and funding
Collegium Pharmaceutical, Inc. (Nasdaq: COLL) said on May 12, 2026 that it had completed its acquisition of AZSTARYS from Corium Therapeutics. AZSTARYS is a central nervous system stimulant prescribed for attention deficit hyperactivity disorder (ADHD) in people 6 years of age and older. Collegium put the price at approximately $650 million in cash, subject to customary adjustments for net working capital, indebtedness, cash and transaction expenses.
Collegium said about $350 million came from its existing cash on hand. The other $300 million came from a delayed draw term loan that is part of the syndicated credit facility the company announced in December 2025. Corium may also receive up to $135 million in additional consideration if AZSTARYS reaches certain commercial and manufacturing milestones. The release does not name those milestones or give a date for any of them. It also gives no interest rate, maturity or repayment terms for the $300 million loan.
What the company claims
Chief Executive Vikram Karnani said the deal is expected to be "immediately accretive." The release does not say what that means in dollars, and it does not give AZSTARYS sales for 2025. It gives only a count of more than 760,000 prescriptions written in 2025. Collegium expects AZSTARYS to generate $60 to $70 million of net revenue during the rest of 2026, and it puts annual run rate synergies in excess of $50 million within twelve months.
The company also cites six Orange Book-listed patents that support AZSTARYS, most of which do not expire until December 2037.
The raised guidance
Collegium raised its 2026 guidance to include the deal. Total product revenues, net, now stand at $865 to $895 million, up from $805 to $825 million. Adjusted EBITDA is now $475 to $500 million, up from $455 to $475 million. The release lists JORNAY PM guidance as unchanged at $190 to $200 million and AZSTARYS at $60 to $70 million.
Adjusted EBITDA is a non-GAAP measure. The release's own definition leaves out stock-based compensation, which the company says has been and will continue to be a significant recurring expense, and acquisition-related expenses, including transaction costs and severance for staff let go after the deal. The raised EBITDA range therefore leaves those costs out.
The base before the deal
Collegium's annual report, filed in February 2026, lists its marketed products as JORNAY PM, Belbuca, Xtampza ER, the Nucynta products and Symproic. JORNAY PM came with Collegium's purchase of Ironshore on September 3, 2024.
The Nucynta franchise already faces generic competition. The annual report says a third-party generic equivalent of Nucynta IR was approved in January 2026, and that Hikma, which holds an authorized generic agreement with Collegium, launched a generic version of Nucynta IR on February 25, 2026. Hikma was expected to launch a generic Nucynta ER in the first quarter of 2026. The May release does not discuss the Nucynta generics or how they are reflected in the guidance.
Financial data from that annual report show revenue of $780.6 million for 2025, up from $631.4 million for 2024. Net income fell to $62.9 million from $69.2 million. Cash provided by operations rose to $329.3 million from $205.0 million. Revenue grew while net income shrank, and the acquisition adds $300 million of borrowing on top of that.
Leadership changes
Two senior executives are leaving. Scott Dreyer will depart as Chief Commercial Officer at the end of August 2026 and will stay until then to support a transition. Thomas Smith, M.D., will leave as Chief Medical Officer after a transition period, and Collegium will search for a successor.
Karnani said the company looks forward to rapidly integrating AZSTARYS into its existing commercial infrastructure. The chief commercial officer, whom the company credits with building and scaling that organization, leaves at the end of August.
What comes next
Dreyer's departure takes effect at the end of August 2026. Collegium has not yet named a successor to the chief medical officer. The release does not describe the milestone targets for the additional $135 million and gives no terms for the $300 million loan.