COLLEGIUM PHARMACEUTICAL, INC (COLL): M&A transaction — Collegium completes $650M acquisition of AZSTARYS; raises 2026 guidance

COLLEGIUM PHARMACEUTICAL, INC

Acquired AZSTARYS from Corium Therapeutics for ~$650M cash; up to $135M in commercial/mfg milestones.
Funded by $350M existing cash and $300M delayed draw term loan from Dec 2025 credit facility.
2026 guidance raised: product revenues $865M-$895M; Adj. EBITDA $475M-$500M; AZSTARYS seen at $60M-$70M remainder of year.
CCO Scott Dreyer departs Aug 30, 2026; CMO Thomas Smith departs after transition period; both treated as termination without cause.
Annual run-rate synergies expected >$50M within 12 months; AZSTARYS has patent protection through Dec 2037.

item 2.01 item 5.02 item 7.01 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Departed

Thomas Smith

Executive Vice President and Chief Medical Officer

COLL · COLLEGIUM PHARMACEUTICAL, INC

Filed: May 12, 2026, 7:43 AM ET

Thomas Smith, M.D., Executive Vice President and Chief Medical Officer of the Company will depart from his positions at the Company following a transition period during which the Company will conduct a search for his successor.

Departed

Scott Dreyer

Executive Vice President and Chief Commercial Officer

COLL · COLLEGIUM PHARMACEUTICAL, INC

Effective: 2026-08-30
Filed: May 12, 2026, 7:43 AM ET

Scott Dreyer, Executive Vice President and Chief Commercial Officer of the Company will depart from his positions at the Company effective August 30, 2026.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Thomas Smith departed as Executive Vice President and Chief Medical Officer at COLLEGIUM PHARMACEUTICAL, INC.

Action: departed
Role: Executive Vice President and Chief Medical Officer

Exact text from the filing

Thomas Smith, M.D., Executive Vice President and Chief Medical Officer of the Company will depart from his positions at the Company following a transition period during which the Company will conduct a search for his successor.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Scott Dreyer departed as Executive Vice President and Chief Commercial Officer at COLLEGIUM PHARMACEUTICAL, INC.

Action: departed
Role: Executive Vice President and Chief Commercial Officer

Exact text from the filing

Scott Dreyer, Executive Vice President and Chief Commercial Officer of the Company will depart from his positions at the Company effective August 30, 2026.

View on SEC.gov

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.99

COLLEGIUM PHARMACEUTICAL, INC completed an acquisition involving Corium Therapeutics Holdings, LLC and Corium, LLC for approximately $650 million in cash (closed 2026-05-12).

Action: acquisition
Counterparty: Corium Therapeutics Holdings, LLC and Corium, LLC
Consideration: approximately $650 million in cash
Closing: 2026-05-12

Exact text from the filing

in people 6 years of age and older. The aggregate consideration paid by the Company at the Closing pursuant to the Purchase Agreement was approximately $650 million in cash (subject to customary adjustments for net working capital, indebtedness, cash, and transaction expenses), which was funded by approximately $350 million of the Company’s

View on SEC.gov

31 m&a transactions filed in the last 30 days. Browse all m&a transactions →

COLLEGIUM PHARMACEUTICAL, INC filing history →

Source: SEC EDGAR

accession 0001104659-26-059018

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