COLL · Collegium Pharmaceutical, Inc.

Summary

Collegium Pharmaceutical entered into an Equity Purchase Agreement dated March 19, 2026, to acquire the AZSTARYS ADHD business from Corium Therapeutics Holdings, LLC and Corium, LLC for $650 million in cash, subject to adjustments, plus up to $135 million in regulatory and commercial milestones. The transaction, expected to close in Q2 2026 pending HSR clearance, adds a complementary ADHD product with patents into 2037 and is projected to generate over $50 million in H2 2026 pro forma net revenue while being immediately accretive to adjusted EBITDA.

Key takeaways

• Equity Purchase Agreement acquires all interests in GPC Commave Holding, LLC and NewCo holding AZSTARYS for $650M cash upfront.
• Potential additional $135M in cash milestone payments to Corium Seller upon achievement of specified regulatory and commercial milestones.
• Closing expected in Q2 2026, subject to HSR Act waiting period expiration/termination and customary conditions; termination fee of $24M payable by Collegium under certain circumstances.
• AZSTARYS generated >760,000 prescriptions in 2025; expected >$50M pro forma net revenue in H2 2026; 6 Orange Book-listed patents, most expiring December 2037.
• Funded by $350M cash on hand + $300M delayed draw term loan at SOFR + 3.25%; pro forma net leverage ~2x 2026 adjusted EBITDA.
• Expected >$50M annual run-rate synergies within 12 months post-closing; immediately accretive to adjusted EBITDA.