---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-26-059018"
form_type: "8-K"
ticker: "COLL"
cik: "0001267565"
company_name: "COLLEGIUM PHARMACEUTICAL, INC"
filed_at: "2026-05-12T11:43:29+00:00"
generated_at: "2026-05-12T11:45:12.734093+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 1.0
calibrated_materiality_score: 1.0
confidence: "high"
source: SEC EDGAR
---

# Collegium completes $650M acquisition of AZSTARYS; raises 2026 guidance

## Summary
- 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.

## SEC filing metadata
- accession: 0001104659-26-059018
- form_type: 8-K
- ticker: COLL
- cik: 0001267565
- company_name: COLLEGIUM PHARMACEUTICAL, INC
- filed_at: 2026-05-12T11:43:29+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 1.0
- calibrated_materiality_score: 1.0
- confidence: high
- sec_items: 2.01, 5.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1267565/000110465926059018/0001104659-26-059018-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1267565/000110465926059018/tm2614189d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-26-059018
- JSON: https://secwatch.observer/filing/0001104659-26-059018.json
- Plain text: https://secwatch.observer/filing/0001104659-26-059018.txt

## Key facts
- Executive change
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1267565/000110465926059018/0001104659-26-059018-index.htm
- Executive change
  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
  source text: Scott Dreyer, Executive Vice President and Chief Commercial Officer of the Company will depart from his positions at the Company effective August 30, 2026.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1267565/000110465926059018/0001104659-26-059018-index.htm
- M&A Transactions
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1267565/000110465926059018/0001104659-26-059018-index.htm

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