Flash FinanceUS
Market closed · weekend S&P 5007,376.86+0.31% Nasdaq24,579.42+1.09% Dow 3051,285.73-0.46% Russell 20002,754.11+0.89% Nasdaq-10026,989.99+1.35% MidCap 4003,602.50+0.56% SmallCap 6001,673.98+0.05% VIX25.64-9.01% 10Y Yield4.86+0.45% Close of Nov 06, 2026
AI brief of an SEC Form 8-K · Collegium Pharmaceutical (COLL)

Collegium to buy AZSTARYS ADHD medicine from Corium for $650 million in cash

Neutral Impact 4 of 5 m&a Written later

Collegium Pharmaceutical agreed to acquire the AZSTARYS ADHD medicine business from Corium Therapeutics for $650 million in cash, with up to $135 million more in milestone payments. The deal is expected to close in the second quarter of 2026 and will be funded with cash on hand and a $300 million delayed draw term loan. The company expects the deal to be immediately accretive to adjusted EBITDA and net leverage of about two times at closing, so shareholders will face a large cash outlay and new debt tied to the company's projections.

Key points

  • Purchase price of $650 million in cash at closing, plus up to $135 million in milestone payments tied to commercial and regulatory goals
  • Funded by existing cash on hand and a $300 million delayed draw term loan at SOFR plus 3.25% at closing
  • AZSTARYS expected to generate over $50 million in second half 2026 pro forma net revenue, per the press release
  • Closing expected in the second quarter of 2026; Collegium would pay a $24 million termination fee in specified circumstances

The filing

CompanyCollegium Pharmaceutical (COLL)
Form8-K, current report
Filed with the SECMar 19, 2026, 5:06 PM ET
Accession number0001104659-26-032166

Items reported: 1.01 Material Definitive Agreement7.01 Regulation FD Disclosure

Read the filing on SEC.gov ↗

Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 6:59 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on March 19, 2026.

Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.