COLL News & Events

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.

Reports Q4 revenue $205.449M, consensus $206.36M. "In 2025, we delivered on our strategic priorities by driving significant growth for Jornay PM, maximizing the durability of our pain portfolio, and strategically deploying capital," said Vikram Karnani, President and Chief Executive Officer. "In our first full year of owning Jornay PM, we grew full-year net revenue by 48% and reached a record number of prescribers in support of our differentiated medicine for the treatment of ADHD. Our investments to expand the sales force and sharpen our marketing approach are already fueling additional momentum. Importantly, these results, including solid performance across our pain portfolio, reflect more than a strong year of execution. They underscore the foundation we are building to drive sustained growth and deliver value for patients and shareholders. With a strengthened financial profile and a strong start to 2026, we are well positioned to build on this momentum and continue creating long-term value."

Sees FY26 adjusted EBITDA $455M-$475M