The deal also includes potential milestone payments of up to $135 million, contingent upon achieving certain regulatory and commercial milestones. This acquisition is anticipated to be immediately accretive to Collegium's adjusted EBITDA, with AZSTARYS expected to generate over $50 million in pro forma net revenue in the second half of 2026. Collegium plans to fund the acquisition through its existing cash reserves and a previously announced $300 million delayed draw term loan.
The transaction is expected to close in the second quarter of 2026, subject to customary closing conditions, including regulatory approvals. Collegium's CEO, Vikram Karnani, emphasized that this acquisition aligns with the company's strategy to build a diversified biopharmaceutical portfolio and enhance shareholder value. The integration of AZSTARYS into Collegium's existing ADHD portfolio is expected to leverage the company's established commercial infrastructure, driving operational efficiencies and expanding its revenue base.
Collegium's ADHD portfolio, which includes JORNAY PM, is well-positioned to benefit from the addition of AZSTARYS, as both products are viewed favorably by healthcare providers. The acquisition is seen as a strategic move to address the unmet needs of ADHD patients and to capitalize on the growing market for ADHD treatments, which is projected to continue expanding in the coming years. Collegium's commitment to improving patient care and delivering shareholder value remains a core focus as it navigates this significant acquisition.
