secwatch.observer — SEC 8-K summary
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Issuer:     COLLEGIUM PHARMACEUTICAL, INC (COLL)
CIK:        0001267565
Form:       8-K
Filed at:   2026-03-19T23:59:59+00:00
Accession:  0001104659-26-032166
Event type: m_and_a
Sentiment:  positive
Materiality: 0.85
Item codes: 1.01, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1267565/000110465926032166/0001104659-26-032166-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1267565/000110465926032166/tm269336d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-26-032166

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer