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.

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Source: SEC EDGAR

accession 0001104659-26-059018

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