Collegium to acquire AZSTARYS for $650M cash; expected to close Q2 2026

COLLEGIUM PHARMACEUTICAL, INC

Acquisition of AZSTARYS (ADHD treatment) for $650M cash, plus up to $135M in commercial and regulatory milestones.
Funding from cash on hand and a $300M delayed draw term loan at SOFR + 3.25% interest rate.
AZSTARYS expected to generate over $50M in second half 2026 pro forma net revenue.
Transaction expected to be immediately accretive to adjusted EBITDA; net leverage ~2x as of closing.
Patent protection into 2037; closing expected Q2 2026 subject to HSR and customary conditions.

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