Collegium closes $655.6M acquisition of AZSTARYS; Corium had going concern doubt

COLLEGIUM PHARMACEUTICAL, INC

Acquired AZSTARYS (ADHD treatment) for ~$655.6M cash, funded by $355.6M cash on hand and $300M delayed draw term loan.
Up to $135M in additional milestone payments if AZSTARYS achieves certain commercial and manufacturing targets.
Corium's audited FY2025 net loss was $42.4M; accumulated deficit $736M; auditors flagged substantial doubt about going concern.
Corium FY2025 product sales $113.6M, up from $79.6M in FY2024; operating loss improved to $14.7M from $127.2M.
Pro forma financials filed; ADLARITY (Alzheimer's product) excluded as not part of acquisition.

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