Collegium Pharmaceutical, Inc. (Nasdaq: COLL) has announced a definitive agreement to acquire AZSTARYS from Corium Therapeutics Holdings, LLC (Corium Therapeutics) for $650 million in cash, with the possibility of additional milestone payments up to $135 million. The acquisition, announced on March 19, 2026, is expected to significantly bolster Collegium’s position in the ADHD treatment market and diversify its revenue streams.

Strategic Expansion in ADHD Treatment

AZSTARYS, a central nervous system (CNS) stimulant, is used to treat ADHD in patients aged six and older. It is unique in that it combines both immediate-release and long-acting formulations in a single capsule, offering a differentiated approach to ADHD management. The acquisition of this product is expected to complement Collegium’s existing ADHD portfolio, which includes JORNAY PM, another stimulant medication for ADHD.

Vikram Karnani, President and CEO of Collegium, emphasized the strategic importance of the acquisition. ‘The addition of AZSTARYS will significantly complement our existing ADHD business while extending revenues into 2037 and beyond,’ he said. ‘This immediately accretive transaction meaningfully advances our ambition to build a leading, diversified biopharmaceutical company.’

The acquisition is expected to generate over $50 million in second-half 2026 pro forma net revenue. This financial projection is based on the product’s current market performance and anticipated growth. The deal is also expected to be immediately accretive to Collegium’s adjusted EBITDA, a key metric used to evaluate a company’s operating performance.

Patent Protection and Market Position

AZSTARYS is protected by a strong patent portfolio, with expected patent protection extending into 2037. This long-term exclusivity is crucial for maintaining market dominance and ensuring a steady revenue stream for Collegium. The extended patent life gives the company a strategic advantage over competitors in the ADHD space, where generic competition can significantly impact revenue.

Analysts suggest that the acquisition positions Collegium to benefit from the growing demand for ADHD treatments. The U.S. ADHD treatment market is projected to reach $14.6 billion by 2030, driven by increasing awareness of ADHD and the need for more effective treatment options. With AZSTARYS, Collegium is well-positioned to capture a larger share of this expanding market.

According to a report by EvaluatePharma, the ADHD drug market is expected to grow at a compound annual growth rate (CAGR) of 7.2% through 2030. This growth is fueled by rising ADHD diagnoses, especially in children, and the increasing preference for combination therapies that offer both immediate and long-term relief.

Funding and Future Outlook

The acquisition is to be funded using Collegium’s existing cash reserves and a previously announced $300 million delayed draw term loan. This financing structure allows Collegium to maintain financial flexibility while making the strategic investment in AZSTARYS.

Collegium has also scheduled a conference call for today at 9:00 a.m. ET to discuss the acquisition in detail with investors and analysts. During the call, executives will provide further insights into the financial implications of the deal and how it aligns with the company’s long-term growth strategy.

The acquisition of AZSTARYS is a significant milestone for Collegium, marking a major step in its evolution from a niche pharmaceutical company to a diversified biopharmaceutical firm. The company has been actively expanding its portfolio in recent years, acquiring several other products that address unmet medical needs in various therapeutic areas.

With the addition of AZSTARYS, Collegium is now better positioned to compete with larger pharmaceutical companies in the ADHD space. The deal also reflects the broader industry trend of consolidating assets to strengthen market positions and drive innovation.

Healthcare providers have already shown interest in both JORNAY PM and AZSTARYS, recognizing their complementary roles in ADHD treatment. The combination of these two products is expected to provide patients with more options and improve overall treatment outcomes.

Looking ahead, Collegium will focus on integrating AZSTARYS into its existing operations and expanding its commercial infrastructure to support the product’s growth. The company also plans to use its research and development capabilities to explore new formulations and indications for the drug.

As the ADHD treatment landscape continues to evolve, Collegium’s acquisition of AZSTARYS is expected to have a lasting impact on the industry. The deal not only strengthens the company’s financial position but also reinforces its commitment to developing innovative solutions for patients with ADHD.