COLL · Collegium Pharmaceutical, Inc.

Collegium Pharmaceutical's completion of the AZSTARYS acquisition marks a strategic expansion in its ADHD portfolio, acquiring a once-daily stimulant with patent protection through 2037 from Corium Therapeutics. The $650 million cash payment, funded by existing cash and a delayed draw term loan from its December 2025 credit facility, positions AZSTARYS for immediate revenue contribution of $60-70 million in the remainder of 2026, driving raised full-year guidance to $865-895 million in net product revenues and $475-500 million Adjusted EBITDA. Potential milestone payments up to $135 million tie additional consideration to commercial and manufacturing success. Concurrently, the board adopted the 2026 Inducement Plan reserving 325,000 shares for equity awards to new hires, compliant with Nasdaq Rule 5635(c)(4) without stockholder approval, likely to support integration and growth. Leadership transitions include Scott Dreyer's planned exit as Chief Commercial Officer on August 30, 2026, and Thomas Smith, M.D.'s departure as Chief Medical Officer post-transition, both treated as terminations without cause amid the acquisition's commercial scaling needs.