Collegium Pharmaceutical Inc (Nasdaq:COLL) and Corium Therapeutics Holdings LLC announced on Thursday a definitive agreement for Collegium to acquire AZSTARYS for USD650m in cash with the potential for additional milestone payments up to USD135m depending on future commercial and regulatory milestones.

Corium Therapeutics is a privately held company that, through its subsidiaries, markets and distributes AZSTARYS (serdexmethylphenidate and dexmethylphenidate), a central nervous system (CNS) stimulant prescription medicine used for the treatment of Attention Deficit Hyperactivity Disorder (ADHD) in people aged 6 years and older. It is the first and only ADHD treatment with both immediate release and long-acting medicines in one capsule. Collegium expects the acquisition of AZSTARYS to significantly strengthen its position in ADHD, further diversifying and bolstering its revenue base.

"The acquisition of AZSTARYS marks a highly strategic addition to our product portfolio -- one that accelerates our growth trajectory while reinforcing our long-standing commitment to improving patient care and delivering shareholder value," said Vikram Karnani, president and CEO of Collegium. "The addition of AZSTARYS will significantly complement our existing ADHD business while extending revenues into 2037 and beyond. Healthcare providers view both JORNAY PM and AZSTARYS as differentiated medicines that each play an important role in addressing the unmet needs of people with ADHD. This immediately accretive transaction meaningfully advances our ambition to build a leading, diversified biopharmaceutical company."

The transaction, which has been unanimously approved by the boards of directors of both companies, is expected to close in the second quarter of 2026, subject to customary closing conditions, including receipt of required regulatory and Hart-Scott-Rodino approvals.