Expanding ADHD Treatment Portfolio: Acquisition of New Drug Franchise for $650 Million

Collegium Pharmaceutical, Inc. (COLL) has signed an agreement to acquire the ADHD treatment franchise AZSTARYS from Corium Therapeutics Holdings for $650 million in cash (approximately KRW 880 billion), plus up to $135 million (approximately KRW 180 billion) in contingent milestone payments. The purchase price will be funded using existing cash on hand and a previously committed $300 million delayed-draw term loan. Subject to regulatory approvals, the transaction is expected to close in the second quarter of 2026.

With this acquisition, Collegium aims to expand its ADHD and neuropsychiatric disorder portfolio and leverage its established commercial infrastructure to generate net sales exceeding $50 million (approximately KRW 70 billion) from AZSTARYS alone in the second half of 2026. The company also targets annual cost synergies of more than $50 million within 12 months of deal close. AZSTARYS is protected by patent exclusivity until 2037, extending the revenue life of Collegium’s ADHD portfolio and contributing immediately to adjusted EBITDA. On a pro forma basis, net debt to adjusted EBITDA is projected to be roughly 2× by 2026.

Collegium will continue its activity in the chronic pain space, with plans to present real-world clinical data from its pain-management portfolio at the American Academy of Pain Medicine (AAPM) annual meeting, PainConnect 2026, in March. In its February 2026 full-year financial results for 2025, the company reported a 24% year-over-year increase in product sales, achieving double-digit growth in both revenue and adjusted EBITDA.

Headquartered in Massachusetts, Collegium Pharmaceutical is a specialty pharmaceutical company that develops chronic pain treatments—including opioid abuse-deterrent formulations—and ADHD therapies such as Jornay PM. The company entered the ADHD market through its acquisition of Ironshore Therapeutics. The ADHD and central nervous system therapy market is characterized by long-term prescriptions and strong patent protection, driving active M&A among major pharmaceutical and biotech companies seeking to broaden their portfolios.