Traders should monitor the closing of the acquisition in Q2 2026 and subsequent integration progress. The immediate accretion to EBITDA and strong synergy target suggest potential upside to earnings, while the use of debt increases leverage — watch for updates on financing and integration efficiency.
Price Chart
Executive Summary
Collegium Pharmaceutical is acquiring AZSTARYS, a differentiated ADHD treatment, from Corium Therapeutics for $650 million in cash plus up to $135 million in milestone payments. The deal expands Collegium’s ADHD portfolio, is expected to be immediately accretive to adjusted EBITDA, and will be funded with cash on hand and a $300 million delayed draw term loan. AZSTARYS is projected to generate over $50 million in pro forma net revenue in the second half of 2026.
Key Financial Metrics
Key Facts
- Collegium is acquiring AZSTARYS for $650 million in cash, with potential milestone payments up to $135 million.
- AZSTARYS is a CNS stimulant for ADHD with dual-release mechanism and expected patent protection into 2037.
- The acquisition is expected to be immediately accretive to adjusted EBITDA and generate over $50 million in pro forma net revenue in second half 2026.
- Deal to be funded with cash on hand and $300 million delayed draw term loan; net leverage expected at ~2x post-close.
- Transaction expected to close in Q2 2026, subject to regulatory approvals including Hart-Scott-Rodino.
Financial Impact
$650 million upfront payment with $135 million in potential milestones; expected to add over $50 million in net revenue in second half of 2026 and generate over $50 million in annual run-rate synergies within 12 months.
Risk Factors
- Regulatory delays or failure to obtain HSR approval could delay or block the transaction.
- Integration risks could prevent realization of projected $50M+ synergies.
- Increased leverage (though moderate at ~2x) adds financial risk if AZSTARYS underperforms expectations.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3258918 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 19, 2026 6w ago | Court Ruling | $28.74 $22.38 | ▼ −22.13% | ▼ −20.18% | $22.08 (−23.19%) |
Aug 13, 2026 7w ago | 8-K | $28.15 $22.75 | ▼ −19.18% | ▼ −17.44% | $22.08 (−21.58%) |
Aug 6, 2026 8w ago | 8-K | $29.11 $23.70 | ▼ −18.58% | ▼ −19.18% | $22.08 (−24.17%) |
May 15, 2026 19w ago | Insider Cluster | $33.65 $34.65 | ▲ +2.97% | ▲ +1.39% | $22.08 (−34.40%) |
May 12, 2026 20w ago | Press Release | $35.69 $34.80 | ▼ −2.49% | ▼ −0.77% | $22.08 (−38.15%) |
May 11, 2026 20w ago | 144 | $35.81 $34.40 | ▼ −3.94% | ▼ −3.63% | $22.08 (−38.36%) |
Apr 23, 2026 23w ago | Press Release | $32.28 $34.22 | ▲ +6.01% | ▲ +1.38% | $22.08 (−31.61%) |
Apr 7, 2026 25w ago | 8-K | $33.43 $35.32 | ▲ +5.65% | ▼ −2.89% | $22.08 (−33.97%) |
Mar 19, 2026 28w ago | Press Release | $36.30 $34.41 | ▼ −5.21% | ▼ −12.83% | $22.08 (−39.19%) |
Mar 3, 2026 30w ago | Press Release | $39.99 $33.07 | ▼ −17.30% | ▼ −12.90% | $22.08 (−44.80%) |
US Market Status
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