secwatch.observer — SEC 8-K summary
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Issuer:     COLLEGIUM PHARMACEUTICAL, INC (COLL)
CIK:        0001267565
Form:       8-K
Filed at:   2026-05-12T11:43:29+00:00
Accession:  0001104659-26-059018
Event type: m_and_a
Sentiment:  positive
Materiality: 1.00
Item codes: 2.01, 5.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1267565/000110465926059018/0001104659-26-059018-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1267565/000110465926059018/tm2614189d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-26-059018

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