Collegium acquires Azstarys from Corium Therapeutics for USD 650m plus contingent payments

[Collegium Pharmaceutical (Nasdaq: COLL)](https://app.allsci.com/organization/ASC-OH-0000000058965-1.0-1772142984), headquartered in Stoughton, Massachusetts, has [completed the acquisition of Azstarys](https://www.globenewswire.com/news-release/2026/05/12/3292727/34897/en/Collegium-Completes-Acquisition-of-AZSTARYS-from-Corium-Therapeutics.html) (serdexmethylphenidate and dexmethylphenidate) from Corium Therapeutics for approximately USD 650 million in cash, plus up to USD 135 million in contingent commercial and manufacturing milestone payments. The transaction consolidates two methylphenidate-based ADHD products under a single US commercial infrastructure, extending Collegium's patent-protected revenue base through 2037. The USD 650 million upfront payment was funded through USD 350 million of existing cash and USD 300 million drawn from a delayed draw term loan under a syndicated credit facility established in December 2025. Corium Therapeutics, a private US company, retains eligibility for up to USD 135 million in additional consideration tied to specified commercial and manufacturing thresholds, though individual milestone amounts and trigger conditions were not disclosed. The acquisition encompasses global rights to Azstarys and its related intellectual property, with no disclosed territorial carve-outs. Current commercial activity is concentrated in the US market, where Azstarys holds US FDA approval. Azstarys is a CNS stimulant indicated for ADHD in patients aged six years and older. Its active components are serdexmethylphenidate, a prodrug that converts to dexmethylphenidate following oral administration, and dexmethylphenidate. The prodrug mechanism is intended to produce a controlled onset and extended duration of effect. The asset generated more than 760,000 prescriptions in 2025 and carries six Orange Book-listed patents, the majority of which do not expire until December 2037. Collegium projects Azstarys will contribute USD 60 million to USD 70 million in net revenue during the remainder of 2026. The deal follows a structurally similar playbook to Collegium's [2024 acquisition of Ironshore Therapeutics](https://ir.collegiumpharma.com/news-releases/news-release-details/collegium-completes-acquisition-ironshore-therapeutics), which brought Jornay PM (methylphenidate HCl) into the portfolio for approximately USD 525 million in cash. That transaction established Collegium's ADHD commercial infrastructure; the Azstarys acquisition layers a second methylphenidate-based product onto that foundation. Collegium projects annualized run-rate synergies exceeding USD 50 million within twelve months, reflecting the shared salesforce and operational overlap between the two ADHD assets. Following the transaction, Collegium raised its full-year 2026 guidance to USD 865 million to USD 895 million in net product revenues and USD 475 million to USD 500 million in adjusted EBITDA, up from prior guidance of USD 805 million to USD 825 million and USD 455 million to USD 475 million, respectively. The company also disclosed the planned departures of Chief Commercial Officer Scott Dreyer, effective end of August 2026, and Chief Medical Officer Thomas Smith following a transition period. *** This article was generated with AI assistance and reviewed and edited by the AllSci editorial team Explore more at AllSci News: [https://allsci.com/news/](https://allsci.com/news/) --- Spot something wrong? [Report an issue with this article](https://newsgen-prod.reframedata.com/feedback/collegium-azstarys-acquisition-pharmaceutical)