Collegium Completes $650M AZSTARYS Acquisition, Boosts 2026 Revenue Guidance to $895M
COLL•Collegium has completed its $650 million cash acquisition of AZSTARYS from Corium Therapeutics, adding a CNS stimulant that generated over 760,000 prescriptions in 2025 and carries patent protection through 2037. The company raised 2026 guidance to $865–895 million in net product revenues and $475–500 million in adjusted EBITDA, expecting $60–70 million from AZSTARYS.
1. Acquisition Details
Collegium acquired the AZSTARYS business from Corium for approximately $650 million in cash, funded by $350 million in existing cash and a $300 million delayed draw term loan, with up to $135 million in additional contingent payments linked to commercial and manufacturing milestones.
2. Strategic Rationale and Synergies
AZSTARYS, a CNS stimulant for ADHD, generated more than 760,000 prescriptions in 2025 and holds six Orange Book patents through December 2037, offering annual run-rate synergies exceeding $50 million within 12 months by leveraging Collegium’s established ADHD commercial infrastructure.
3. Updated Financial Guidance
The company raised its full-year 2026 net product revenue forecast to $865–895 million and adjusted EBITDA to $475–500 million, incorporating an expected $60–70 million in AZSTARYS revenue during the remainder of the year.
4. Leadership Changes
Scott Dreyer will depart as Chief Commercial Officer at the end of August 2026, while Chief Medical Officer Thomas Smith, M.D., will step down following a transition period; searches for both successors are underway.
