Claim 55% Off TipRanks
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks
Collegium Pharmaceutical ( (COLL) ) has provided an update.
On March 19, 2026, Collegium Pharmaceutical announced a definitive agreement to acquire AZSTARYS, an ADHD treatment marketed by Corium Therapeutics, for $650 million in cash plus up to $135 million in potential milestone payments. The deal, unanimously approved by both companies’ boards and expected to close in the second quarter of 2026 subject to regulatory and Hart-Scott-Rodino clearance, will be funded through Collegium’s cash on hand and a $300 million delayed-draw term loan, leaving the company with projected net leverage of about two times based on estimated 2026 combined adjusted EBITDA.
The acquisition is designed to strengthen Collegium’s ADHD franchise alongside JORNAY PM, extend portfolio revenues into 2037 on the back of AZSTARYS’ patent protection, and immediately enhance adjusted EBITDA and cash flow through revenue diversification and expected annual run-rate synergies of more than $50 million within a year of closing. With AZSTARYS having generated over 760,000 prescriptions in 2025 and projected to deliver more than $50 million in pro forma net revenue in the second half of 2026, the transaction accelerates Collegium’s shift toward a broader neuropsychiatry platform and could bolster its competitive positioning and scale in the ADHD therapeutics market.
The most recent analyst rating on (COLL) stock is a Buy with a $56.00 price target. To see the full list of analyst forecasts on Collegium Pharmaceutical stock, see the COLL Stock Forecast page.
Spark’s Take on COLL Stock
According to Spark, TipRanks’ AI Analyst, COLL is a Neutral.
The score is driven primarily by improving revenue scale and strong cash generation, supported by a constructive earnings update (reaffirmed guidance and strong 2025 performance). These positives are tempered by balance-sheet risk from leverage, a neutral-to-soft technical picture, and a relatively high P/E with no dividend support.
To see Spark’s full report on COLL stock, click here.
More about Collegium Pharmaceutical
Collegium Pharmaceutical, Inc. is a diversified biopharmaceutical company focused on responsible pain management medications and a rapidly growing neuropsychiatry business anchored by JORNAY PM, a differentiated treatment for ADHD. The company targets patients with serious medical conditions and is pursuing a strategy of expanding its commercial portfolio and deploying capital in a disciplined manner, with headquarters in Stoughton, Massachusetts.
Corium Therapeutics, a privately held company, markets and distributes AZSTARYS, a central nervous system stimulant for ADHD patients aged six and older that combines immediate-release and long-acting components in a single capsule. The drug is supported by multiple Orange Book-listed patents extending to December 2037, positioning it as a differentiated, long-duration ADHD therapy in a competitive market.
Average Trading Volume: 454,353
Technical Sentiment Signal: Sell
Current Market Cap: $1.11B
For detailed information about COLL stock, go to TipRanks’ Stock Analysis page.