Collegium Acquires AZSTARYS for $650M, Boosts ADHD Portfolio
Event summary
- Collegium Pharmaceutical completed the $650M acquisition of AZSTARYS from Corium Therapeutics on May 12, 2026.
- AZSTARYS generated over 760,000 prescriptions in 2025 and is expected to contribute $60–70M in net revenue for the remainder of 2026.
- Collegium raised its 2026 financial guidance, projecting $865–895M in total product revenues and $475–500M in adjusted EBITDA.
- The deal includes potential additional payments of up to $135M if AZSTARYS meets certain commercial and manufacturing milestones.
- Collegium announced leadership changes, including the departure of its Chief Commercial Officer and Chief Medical Officer.
The big picture
Collegium's acquisition of AZSTARYS strengthens its position in the ADHD market, diversifying its portfolio beyond pain management. The deal aligns with Collegium's strategy to expand its CNS-focused offerings, leveraging its commercial expertise to drive growth. With patent protection extending through 2037, AZSTARYS provides long-term revenue stability, but the success of the integration and leadership transition will be critical to realizing its full potential.
What we're watching
- Integration Success
- How Collegium will integrate AZSTARYS into its existing ADHD portfolio and commercial infrastructure.
- Revenue Growth
- Whether AZSTARYS can meet its projected revenue contributions and drive operational efficiencies.
- Leadership Transition
- The impact of the upcoming leadership changes on Collegium's strategic direction and execution.
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