Collegium Pharmaceutical agreed on 19 March to buy AZSTARYS, an ADHD treatment, from Corium Therapeutics for $650m in cash plus up to $135m in milestone payments.
Why Collegium Pharmaceutical, Inc. is buying AZSTARYS (Corium Therapeutics)
Collegium said AZSTARYS complements its JORNAY PM ADHD franchise, can be sold through its existing ADHD sales infrastructure and extends its revenue base beyond pain medicines. It expected annual run-rate synergies above $50m within a year of closing and more than $50m of pro forma net revenue from AZSTARYS in the second half of 2026.
Deal terms and financing
The $650m upfront payment was funded from cash and $300m drawn under a delayed-draw term loan. Collegium expected net leverage of about two times 2026 combined adjusted EBITDA at closing and immediate accretion to adjusted EBITDA.
Regulatory approvals and timing
The deal required Hart-Scott-Rodino clearance and was expected to close in the second quarter. Collegium completed it on 12 May 2026 and raised its 2026 guidance to product revenues of $865m-$895m.
Market context
AZSTARYS combines serdexmethylphenidate and dexmethylphenidate in one capsule for patients aged six and over and is covered by six Orange Book-listed patents, most expiring in December 2037. Corium Therapeutics, based in Cambridge, Massachusetts, is privately held.
