Collegium Pharmaceutical, based in Stoughton, Massachusetts, announced a definitive agreement to acquire AZSTARYS from Corium Therapeutics Holdings for USD 650 million in cash at closing, with up to USD 135 million in additional milestone payments tied to commercial and regulatory targets. The Collegium AZSTARYS acquisition covers a marketed central nervous system stimulant indicated for attention deficit hyperactivity disorder in patients aged six and older. Corium Therapeutics, a privately held company headquartered in Cambridge, Massachusetts, markets and distributes the product through its subsidiaries. The transaction is expected to close in Q2 2026, subject to Hart-Scott-Rodino approval and other customary conditions (source).
AZSTARYS is a fixed-dose combination capsule containing serdexmethylphenidate and dexmethylphenidate. It is classified as the first ADHD treatment combining both immediate-release and long-acting components in a single capsule. Serdexmethylphenidate is a prodrug of dexmethylphenidate. The dexmethylphenidate component provides the immediate-release onset, while the prodrug undergoes enzymatic conversion to deliver extended exposure. Both components act on dopamine and norepinephrine reuptake in the central nervous system. The product generated more than 760,000 prescriptions in 2025 and is expected to produce over USD 50 million in second-half 2026 pro forma net revenue. Six Orange Book-listed patents support the product, most of which do not expire until December 2037.
Collegium will fund the upfront payment through existing cash on hand and USD 300 million from a delayed draw term loan that is part of a syndicated credit facility announced in December 2025. The term loan carries interest at the term Secured Overnight Financing Rate plus a spread of 2.75% to 3.75%, depending on the company's first lien net leverage ratio. At closing, the rate will be SOFR plus 3.25%. Collegium expects post-close net leverage of approximately two times estimated 2026 combined adjusted EBITDA. The company stated the transaction is expected to be immediately accretive to adjusted EBITDA. Annual run-rate synergies are projected to exceed USD 50 million within twelve months of closing.
The Collegium ADHD portfolio already includes JORNAY PM, a delayed-release and extended-release methylphenidate capsule designed for evening dosing. Adding AZSTARYS gives Collegium a second commercialized ADHD product with a different release profile and dosing schedule. Collegium has historically operated in responsible pain management and has been expanding into neuropsychiatry. The AZSTARYS Corium deal extends the patent-protected revenue horizon of the combined ADHD portfolio to 2037.
The ADHD stimulant market includes multiple methylphenidate and amphetamine-based products across immediate-release, extended-release, and prodrug formulations. Competitors targeting the same pharmacological class include: