Collegium Pharmaceutical Acquires AZSTARYS from Corium Therapeutics in $650 Million Cash Deal

Patent runway and manufacturing continuity are the two variables that will define how smoothly Collegium Pharmaceutical absorbs AZSTARYS (serdexmethylphenidate and dexmethylphenidate) following the close of its $650 million acquisition from Corium Therapeutics on May 12, 2026. For QA directors and regulatory leads at Collegium, the integration clock starts now.

AZSTARYS, a CNS stimulant approved for ADHD in patients aged six and older, carries six Orange Book-listed patents, the majority protected through December 2037. That exclusivity profile underpins Collegium's revised 2026 net product revenue guidance of $865 to $895 million, up from a prior range of $805 to $825 million. The product generated more than 760,000 prescriptions in 2025 and is projected to contribute $60 to $70 million in net revenue across the remainder of 2026.

The transaction was funded through approximately $350 million of existing cash and $300 million drawn from a delayed draw term loan within the syndicated credit facility Collegium arranged in December 2025. An earnout provision allows Corium Therapeutics to receive up to $135 million in additional consideration tied to commercial and manufacturing milestones, a structure that keeps CMC performance directly linked to deal economics and elevates the importance of a disciplined site transfer and process validation strategy.

For plant heads and CMC leads, the manufacturing milestone clause warrants close attention. Any site transfer or contract manufacturing organisation transition associated with AZSTARYS will need to satisfy both the earnout triggers and ongoing 21 CFR Part 211 compliance obligations. Collegium has indicated annual run-rate synergies exceeding $50 million are expected within twelve months, a timeline that compresses the window for resolving any post-acquisition manufacturing or quality system alignment under ICH Q10 principles.

Adjusted EBITDA guidance has been revised to $475 to $500 million for the full year, reflecting expected immediate accretion from the acquisition.

The manufacturing milestone earnout, combined with a twelve-month synergy target, sets a measurable operational benchmark against which Collegium's integration execution will be assessed by the end of 2026.

Source: Collegium Pharmaceutical via GlobeNewswire, May 12, 2026.