---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-26-032166"
form_type: "8-K"
ticker: "COLL"
cik: "0001267565"
company_name: "COLLEGIUM PHARMACEUTICAL, INC"
filed_at: "2026-03-19T23:59:59+00:00"
generated_at: "2026-05-15T09:35:05.160070+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001104659-26-032166
- form_type: 8-K
- ticker: COLL
- cik: 0001267565
- company_name: COLLEGIUM PHARMACEUTICAL, INC
- filed_at: 2026-03-19T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1267565/000110465926032166/0001104659-26-032166-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1267565/000110465926032166/tm269336d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-26-032166
- JSON: https://secwatch.observer/filing/0001104659-26-032166.json
- Plain text: https://secwatch.observer/filing/0001104659-26-032166.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.