Collegium to Acquire AZSTARYS for $650M, Eyes $50M H2 2026 Sales Boost
Collegium will acquire AZSTARYS from Corium for $650 million, plus up to $135 million in milestone payments, funded by a $300 million delayed-draw term loan. AZSTARYS, protected by patents until 2037, generated 760,000 prescriptions in 2025 and is expected to deliver over $50 million in H2 2026 net revenue.
1. Deal Terms and Funding
Collegium will purchase AZSTARYS for $650 million in cash plus up to $135 million in regulatory and commercial milestone payments. The deal is financed through existing cash and a $300 million delayed-draw term loan bearing SOFR plus 3.25%, with net leverage expected at approximately two times 2026 adjusted EBITDA.
2. Portfolio Expansion and Patent Protection
AZSTARYS combines immediate-release and long-acting ADHD therapy in one capsule and generated 760,000 prescriptions in 2025. The product is supported by six Orange Book–listed patents extending protection into December 2037, complementing Collegium’s JORNAY PM® neuropsychiatry franchise.
3. Financial Impact and Timeline
AZSTARYS is forecast to produce over $50 million in pro forma net revenue in the second half of 2026 and drive annual run-rate synergies exceeding $50 million within 12 months post-close. The transaction is expected to be immediately accretive to adjusted EBITDA and to close in Q2 2026, subject to customary regulatory approvals.