Collegium Pharmaceuticals Acquires AZSTARYS for $650 Million
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Mar 19 2026
0mins
Should l Buy COLL?
Collegium Pharmaceutical and Corium Therapeutics Holdings announced a definitive agreement pursuant to which Collegium will acquire AZSTARYS for $650 million in cash with the potential for additional milestone payments up to $135 million depending on future commercial and regulatory milestones. Corium Therapeutics is a privately held company that, through its subsidiaries, markets and distributes AZSTARYS, a central nervous system stimulant prescription medicine used for the treatment of Attention Deficit Hyperactivity Disorder in people 6 years of age and older. It is the first and only ADHD treatment with both immediate release and long-acting medicines in one capsule. The acquisition of AZSTARYS is expected to significantly strengthen Collegium's position in ADHD, further diversifying and bolstering its revenue base. Under the terms of the agreement, Collegium will acquire the AZSTARYS business for $650 million in cash at closing. Collegium may also pay Corium Therapeutics up to $135 million in additional consideration if AZSTARYS achieves certain commercial and regulatory milestones. The all-cash consideration will be funded by a combination of Collegium's existing cash on hand and $300 million from a delayed draw term loan which is part of the syndicated credit facility announced by Collegium in December 2025. The term loan will bear interest at an annual rate equal to the term Secured Overnight Financing Rat) plus a spread based on the Company's First Lien Net Leverage Ratio ranging from 2.75% to 3.75%. The interest rate upon closing will be SOFR plus 3.25%. At the close of this transaction, Collegium expects its net leverage to be approximately two times based on estimated 2026 combined adjusted EBITDA. Collegium expects this transaction to be immediately accretive to adjusted EBITDA. The transaction, which has been unanimously approved by the boards of directors of both companies, is expected to close in the second quarter of 2026, subject to customary closing conditions, including receipt of required regulatory and Hart-Scott-Rodino approvals.
Trade with 70% Backtested Accuracy
Stop guessing "Should I Buy COLL?" and start using high-conviction signals backed by rigorous historical data.
Sign up today to access powerful investing tools and make smarter, data-driven decisions.
Analyst Views on COLL
Wall Street analysts forecast COLL stock price to rise
4 Analyst Rating
4 Buy
0 Hold
0 Sell
Strong Buy
Current: 33.250
Low
55.00
Averages
56.75
High
60.00
Current: 33.250
Low
55.00
Averages
56.75
High
60.00
About COLL
Collegium Pharmaceutical, Inc. is a diversified biopharmaceutical company. The Company has developed, licensed, and acquired a portfolio of products for use in the treatment of attention deficit hyperactivity disorder (ADHD) and moderate to severe pain. Its commercial products include Jornay PM (Jornay), Belbuca, Xtampza ER (Xtampza), Nucynta ER and Nucynta IR (Nucynta Products), and Symproic in the United States. Its Jornay is a central nervous system (CNS) stimulant prescription medicine for the treatment of ADHD. The Belbuca is a buccal film that contains buprenorphine for severe and persistent pain. Xtampza ER is an abuse-deterrent, extended-release, oral formulation of oxycodone. The Xtampza ER is a pain treatment option designed with abuse deterrent properties. The Nucynta Products are ER and IR oral formulations of tapentadol. Nucynta ER is indicated for the management of severe and persistent pain that requires an extended treatment period with a daily opioid analgesic.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Collegium Pharmaceutical Executive Sells Shares
- Insider Trading: David Dieter, Executive VP and General Counsel of Collegium Pharmaceutical, sold 6,224 shares on March 9, 2026, for $228,110, marking his first open-market transaction since joining the company.
- Stake Reduction: This sale reduced Dieter's direct holdings from 97,271 to 91,047 shares, impacting 6.4% of his equity stake, yet he retains approximately $3.39 million in shares, indicating ongoing confidence in the company.
- Planned Transaction: The sale was executed under a pre-scheduled 10b5-1 trading plan adopted on December 5, 2025, suggesting a cautious approach rather than a discretionary move, reflecting the executive's strategic market engagement.
- Business Transition: Collegium is undergoing a significant business transition with 2025 revenue of $631.7 million, a 6% increase, and projected 2026 revenue of $805-$825 million, highlighting growth potential in the ADHD treatment sector.
See More
Collegium Pharmaceutical Executive Sells Shares
- Executive Share Sale: Dieter David, Executive Vice President and General Counsel of Collegium Pharmaceutical, sold 6,224 shares of common stock on March 9, 2026, for approximately $228,000, representing 6.4% of his direct holdings prior to the transaction.
- Updated Holdings: Post-transaction, David retains 91,047 shares valued at about $3.39 million, indicating his ongoing confidence in the company’s future, although the sale was executed under a pre-scheduled plan.
- Financial Performance: Collegium reported total revenue of $631.7 million in 2025, a 6% year-over-year increase, with Jornay PM showing a remarkable 48% growth, and is projected to generate $190-$200 million in 2026, highlighting strong growth potential in the ADHD treatment sector.
- Strategic Transition Signal: The share sale occurred just ten days before Collegium announced its acquisition of AZSTARYS for $650 million, signaling an acceleration in the company's shift from a focus solely on pain management products to a more diversified portfolio in mental health treatments.
See More
Collegium Executive Sells Nearly 50,000 Shares of Stock
- Executive Stock Sale: Scott Dreyer, Executive Vice President of Collegium Pharmaceutical, sold 49,976 shares on March 3, 2026, for approximately $2 million, indicating a need for liquidity despite the significant volume.
- Ownership Reduction: Following the sale, Dreyer's direct ownership decreased by 41%, leaving him with 71,770 shares valued at around $2.4 million, which still reflects a meaningful stake in the company and suggests ongoing confidence in its prospects.
- Trading Plan Context: This transaction was executed under a Rule 10b5-1 trading plan established by Dreyer in September 2025, aimed at avoiding any appearance of insider trading, thus highlighting executive transparency and compliance in stock market activities.
- Company Financial Performance: Collegium reported $780.6 million in revenue for 2025, a 24% year-over-year increase, and is set to enhance its market position through a $650 million acquisition of AZSTARYS, which is expected to boost profitability and expand its product portfolio.
See More
Collegium Pharmaceutical Acquires AZSTARYS for $650 Million
- Acquisition Overview: Collegium Pharmaceutical has announced the acquisition of AZSTARYS for $650 million in cash, which is a prescription medicine for treating Attention Deficit Hyperactivity Disorder, expected to significantly enhance Collegium's ADHD business.
- Potential Additional Payments: In addition to the base acquisition price, Collegium may pay up to $135 million in additional fees based on commercial and regulatory milestones achieved by AZSTARYS, further increasing the strategic value of the transaction.
- Financial Arrangement: The acquisition will be financed through Collegium's existing cash and a $300 million delayed draw term loan, demonstrating the company's flexibility and foresight in financial operations.
- Market Outlook: AZSTARYS generated over 760,000 prescriptions in 2025 and is expected to contribute over $50 million in net revenue in the second half of 2026, further solidifying Collegium's market position in the ADHD sector.
See More
Collegium Pharmaceutical to Acquire Azstarys for Up to $785M
- Acquisition Scale: Collegium Pharmaceutical has agreed to acquire Azstarys for up to $785 million, a prescription medication for ADHD, which is expected to significantly enhance the company's market position.
- Prescription Performance: Azstarys generated over 760,000 prescriptions in 2025, indicating strong demand in the ADHD treatment market, and is projected to contribute more than $50 million to Collegium's net revenue in H2 2026.
- Funding Arrangement: Collegium plans to fund the acquisition with $650 million in cash and $300 million drawn from a term loan announced in December, demonstrating the company's flexibility in financial management.
- Financial Impact: The transaction is expected to close in Q2 2026 and will be immediately accretive to the company's adjusted EBITDA, further solidifying Collegium's growth potential in the pharmaceutical industry.
See More
Collegium Pharmaceutical Reports Transformative Growth in Q4 2025 Earnings Call
- Significant Revenue Growth: Collegium Pharmaceutical reported net revenues of $780.6 million for 2025, a 24% year-over-year increase, with adjusted EBITDA reaching $460.5 million, up 15%, reflecting strong performance in its pain portfolio and Jornay PM.
- Jornay PM Outperformance: Jornay PM achieved net revenues of $45.9 million in Q4 2025, a 57% year-over-year increase, with projections for 2026 revenue between $190 million and $200 million, indicating over 30% annual growth and solidifying its leadership in the ADHD treatment market.
- Enhanced Capital Flexibility: The company successfully closed a $980 million syndicated credit facility, significantly improving interest rates and debt terms, providing additional flexibility for future business expansion and diversification to support strategic investments.
- Ongoing Investments and Market Outlook: Management anticipates 2026 product revenue guidance of $805 million to $825 million, driven by Jornay growth and stable revenues from the pain portfolio, demonstrating confidence in future growth prospects.
See More
Collegium Pharmaceutical Executive Sells Shares
- Insider Trading: David Dieter, Executive VP and General Counsel of Collegium Pharmaceutical, sold 6,224 shares on March 9, 2026, for $228,110, marking his first open-market transaction since joining the company.
- Stake Reduction: This sale reduced Dieter's direct holdings from 97,271 to 91,047 shares, impacting 6.4% of his equity stake, yet he retains approximately $3.39 million in shares, indicating ongoing confidence in the company.
- Planned Transaction: The sale was executed under a pre-scheduled 10b5-1 trading plan adopted on December 5, 2025, suggesting a cautious approach rather than a discretionary move, reflecting the executive's strategic market engagement.
- Business Transition: Collegium is undergoing a significant business transition with 2025 revenue of $631.7 million, a 6% increase, and projected 2026 revenue of $805-$825 million, highlighting growth potential in the ADHD treatment sector.
See More
Collegium Pharmaceutical Executive Sells Shares
- Executive Share Sale: Dieter David, Executive Vice President and General Counsel of Collegium Pharmaceutical, sold 6,224 shares of common stock on March 9, 2026, for approximately $228,000, representing 6.4% of his direct holdings prior to the transaction.
- Updated Holdings: Post-transaction, David retains 91,047 shares valued at about $3.39 million, indicating his ongoing confidence in the company’s future, although the sale was executed under a pre-scheduled plan.
- Financial Performance: Collegium reported total revenue of $631.7 million in 2025, a 6% year-over-year increase, with Jornay PM showing a remarkable 48% growth, and is projected to generate $190-$200 million in 2026, highlighting strong growth potential in the ADHD treatment sector.
- Strategic Transition Signal: The share sale occurred just ten days before Collegium announced its acquisition of AZSTARYS for $650 million, signaling an acceleration in the company's shift from a focus solely on pain management products to a more diversified portfolio in mental health treatments.
See More
Collegium Executive Sells Nearly 50,000 Shares of Stock
- Executive Stock Sale: Scott Dreyer, Executive Vice President of Collegium Pharmaceutical, sold 49,976 shares on March 3, 2026, for approximately $2 million, indicating a need for liquidity despite the significant volume.
- Ownership Reduction: Following the sale, Dreyer's direct ownership decreased by 41%, leaving him with 71,770 shares valued at around $2.4 million, which still reflects a meaningful stake in the company and suggests ongoing confidence in its prospects.
- Trading Plan Context: This transaction was executed under a Rule 10b5-1 trading plan established by Dreyer in September 2025, aimed at avoiding any appearance of insider trading, thus highlighting executive transparency and compliance in stock market activities.
- Company Financial Performance: Collegium reported $780.6 million in revenue for 2025, a 24% year-over-year increase, and is set to enhance its market position through a $650 million acquisition of AZSTARYS, which is expected to boost profitability and expand its product portfolio.
See More
Collegium Pharmaceutical Acquires AZSTARYS for $650 Million
- Acquisition Overview: Collegium Pharmaceutical has announced the acquisition of AZSTARYS for $650 million in cash, which is a prescription medicine for treating Attention Deficit Hyperactivity Disorder, expected to significantly enhance Collegium's ADHD business.
- Potential Additional Payments: In addition to the base acquisition price, Collegium may pay up to $135 million in additional fees based on commercial and regulatory milestones achieved by AZSTARYS, further increasing the strategic value of the transaction.
- Financial Arrangement: The acquisition will be financed through Collegium's existing cash and a $300 million delayed draw term loan, demonstrating the company's flexibility and foresight in financial operations.
- Market Outlook: AZSTARYS generated over 760,000 prescriptions in 2025 and is expected to contribute over $50 million in net revenue in the second half of 2026, further solidifying Collegium's market position in the ADHD sector.
See More
Collegium Pharmaceutical to Acquire Azstarys for Up to $785M
- Acquisition Scale: Collegium Pharmaceutical has agreed to acquire Azstarys for up to $785 million, a prescription medication for ADHD, which is expected to significantly enhance the company's market position.
- Prescription Performance: Azstarys generated over 760,000 prescriptions in 2025, indicating strong demand in the ADHD treatment market, and is projected to contribute more than $50 million to Collegium's net revenue in H2 2026.
- Funding Arrangement: Collegium plans to fund the acquisition with $650 million in cash and $300 million drawn from a term loan announced in December, demonstrating the company's flexibility in financial management.
- Financial Impact: The transaction is expected to close in Q2 2026 and will be immediately accretive to the company's adjusted EBITDA, further solidifying Collegium's growth potential in the pharmaceutical industry.
See More
Collegium Pharmaceutical Reports Transformative Growth in Q4 2025 Earnings Call
- Significant Revenue Growth: Collegium Pharmaceutical reported net revenues of $780.6 million for 2025, a 24% year-over-year increase, with adjusted EBITDA reaching $460.5 million, up 15%, reflecting strong performance in its pain portfolio and Jornay PM.
- Jornay PM Outperformance: Jornay PM achieved net revenues of $45.9 million in Q4 2025, a 57% year-over-year increase, with projections for 2026 revenue between $190 million and $200 million, indicating over 30% annual growth and solidifying its leadership in the ADHD treatment market.
- Enhanced Capital Flexibility: The company successfully closed a $980 million syndicated credit facility, significantly improving interest rates and debt terms, providing additional flexibility for future business expansion and diversification to support strategic investments.
- Ongoing Investments and Market Outlook: Management anticipates 2026 product revenue guidance of $805 million to $825 million, driven by Jornay growth and stable revenues from the pain portfolio, demonstrating confidence in future growth prospects.
See More
