Collegium Pharmaceutical to Acquire AZSTARYS for \$650 Million, Significantly Enhancing ADHD Portfolio and Growth Trajectory

Key Points for Investors

• Definitive Acquisition Agreement: Collegium Pharmaceutical (Nasdaq: COLL) has entered into a definitive agreement to acquire AZSTARYS®, a leading ADHD medication, from Corium Therapeutics Holdings, LLC for \$650 million in cash, with up to \$135 million in potential milestone payments.
• Immediate Financial Impact: The transaction is expected to be immediately accretive to adjusted EBITDA.
• Revenue and Growth Potential: AZSTARYS is projected to generate over \$50 million in pro forma net revenue in the second half of 2026 alone, with more than 760,000 prescriptions in 2025.
• Patent Protection: AZSTARYS is supported by six Orange Book-listed patents, most of which do not expire until December 2037, extending the revenue runway for Collegium’s ADHD portfolio.
• Funding of the Deal: The acquisition will be funded by Collegium’s existing cash and a previously announced \$300 million delayed draw term loan, part of a syndicated credit facility from December 2025. The term loan will bear interest at SOFR plus a spread (3.25% upon closing).
• Strengthening ADHD Leadership: The deal adds a differentiated, complementary ADHD medicine to Collegium’s existing portfolio, particularly alongside JORNAY PM®, further diversifying the company beyond its pain management business.
• Operational Synergies: Annual run rate synergies are expected to be in excess of \$50 million within twelve months post-closing.
• Regulatory Approvals: The transaction is expected to close in Q2 2026, pending customary closing conditions, including regulatory and Hart-Scott-Rodino approvals.
• Experienced Advisory Team: Collegium is advised by Leerink Partners (financial) and Goodwin Procter LLP (legal).

Detailed Transaction Overview

Collegium Pharmaceutical, a leader in responsible pain management and neuropsychiatry, is set to acquire the rights to AZSTARYS®, a central nervous system stimulant for ADHD, from Corium Therapeutics. The transaction is valued at \$650 million in cash, with the possibility of an additional \$135 million in milestone payments based on future commercial and regulatory achievements.

AZSTARYS is notable for being the first and only ADHD treatment that combines both immediate-release and long-acting medicines in a single capsule, making it a differentiated option for patients aged 6 and older with ADHD. This acquisition substantially strengthens Collegium’s foothold in the ADHD market and is expected to diversify and bolster its revenue base.

Strategic Rationale and Shareholder Implications

• Portfolio Diversification: The acquisition aligns with Collegium’s strategy to build a diversified biopharmaceutical company and expands its presence in the high-growth ADHD market.
• Synergies and Operational Efficiencies: The addition of AZSTARYS leverages Collegium’s existing ADHD commercial infrastructure, accelerating growth and driving significant operational efficiencies. Synergy benefits are projected to exceed \$50 million annually within a year of closing.
• Financial Strength and Extended Revenue: The deal is expected to immediately enhance adjusted EBITDA and extend Collegium’s revenue base with long patent protection on AZSTARYS, reducing the risk of near-term generic competition.
• Prudent Capital Allocation: The acquisition will be funded through a mix of cash on hand and debt, maintaining a conservative net leverage ratio of approximately two times estimated 2026 adjusted EBITDA.
• Growth in ADHD Market: AZSTARYS had over 760,000 prescriptions in 2025, and, together with JORNAY PM, positions Collegium as a leading player in ADHD therapies.
• Regulatory and Execution Risks: Investors should note that the deal is subject to regulatory approvals and successful integration. Any delay or failure to achieve anticipated benefits could impact future performance.
• Guidance and Forward-Looking Statements: Collegium has not provided a full reconciliation of its 2026 adjusted EBITDA guidance due to the unpredictability of some expense items. Future performance will depend on the successful realization of anticipated synergies and continued market uptake of AZSTARYS and JORNAY PM.

Conference Call and Additional Information

Collegium will host a conference call and live webcast on March 19, 2026, at 9:00 a.m. ET to discuss the transaction and its implications for the company’s strategy and financial outlook. Details for accessing the call are available on the company’s website.

Background: Collegium Pharmaceutical

Headquartered in Stoughton, Massachusetts, Collegium is focused on improving the lives of people with serious medical conditions, with a robust portfolio in pain management and a growing presence in neuropsychiatry. The acquisition of AZSTARYS is a key part of Collegium’s strategic shift to expand beyond pain management into the high-potential ADHD market.

Potential Share Price Impact

This acquisition is a material event for Collegium shareholders. The deal provides immediate financial accretion, broadens the company’s pipeline and commercial opportunities, and secures a long-term revenue stream with significant patent protection. The potential for operational synergies, improved adjusted EBITDA, and a leading position in the ADHD market may positively influence Collegium’s share price, subject to successful execution and regulatory approvals.

Contact Information

• Investor Relations: Ian Karp (Head) and Danielle Jesse (Director) – [email protected]
• Media Contact: Jessica Cotrone (SVP, Communications & Corporate Affairs) – [email protected]

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should consider the inherent risks outlined in Collegium’s public filings and consult their own financial advisors before making any investment decisions. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected.

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