Collegium Pharmaceutical acquires Azstarys to strengthen its ADHD drug portfolio

USA—Collegium Pharmaceutical has completed a strategic acquisition of Azstarys from Corium Therapeutics, solidifying its position as a major player in the attention-deficit/hyperactivity disorder treatment market.

The Massachusetts-based pharmaceutical company paid USD650 million upfront, with an additional USD135 million available through future milestone payments.

This transaction grants Collegium a second branded ADHD medication to complement its existing Jornay PM offering.

The drug and its development

Originally developed by Florida-based prodrug specialist KemPharm, Azstarys received FDA approval in 2021, just two years after KemPharm licensed the drug to Corium.

The medication represents a notable innovation in ADHD treatment as the first and only capsule combining both immediate-release and long-acting components in a single dose.

Azstarys is prescribed to patients aged six and older and maintains market exclusivity until 2037.

Corium, a privately held company affiliated with Gurnet Point Capital, does not publicly disclose sales figures for its medications.

However, Collegium projects that Azstarys will generate more than USD50 million in revenue during the second half of 2026 alone.

The acquisition is expected to close during the second quarter of 2026.

Expanding market presence

Collegium CEO Vikram Karnani explained that the acquisition immediately strengthens the company’s position in the ADHD market by adding two highly differentiated, complementary treatments.

By adding Azstarys to its portfolio, Collegium can leverage its established ADHD commercial infrastructure more effectively.

The company previously acquired Jornay PM as part of its USD525 million purchase of Ironshore Therapeutics in 2024.

Jornay, a methylphenidate-based medication approved by the FDA six years prior to that acquisition, generated USD149 million in sales during 2025, with USD46 million coming in the final quarter alone.

Collegium expects to maintain market exclusivity for Jornay until 2032.

Complementary treatment options

Despite generics remaining the most commonly prescribed ADHD medications, both Azstarys and Jornay gained substantial market traction, each receiving more than 760,000 prescriptions last year, according to Collegium chief commercial officer Scott Dreyer.

The two drugs serve different patient needs through their distinct formulations. Jornay, taken at bedtime, delivers efficacy upon waking and throughout the day without requiring an afternoon dose.

Azstarys, by contrast, provides a rapid onset of action when taken in the morning, with effects that last throughout the day.

This difference makes Azstarys particularly suitable for adults with ADHD.

Dreyer emphasized that market research shows ADHD patients typically trial approximately three different medications before discovering their optimal treatment solution.

Despite numerous treatment options available today, many patients continue struggling to find the right fit for their condition.

Beyond ADHD treatments, Collegium’s diversified portfolio includes three pain medications: Belbuca, Xtampza ER, and Nucynta, each generating sales of between USD196 million and USD 222 million in 2025.

This acquisition strengthens Collegium’s competitive position across multiple therapeutic markets.