COLLEGIUM PHARMACEUTICAL, INC 8-K

What Happened
Collegium Pharmaceutical, Inc. announced on March 19, 2026 that it entered into an Equity Purchase Agreement to acquire AZSTARYS, a prescription stimulant for ADHD, from Corium affiliates. The purchase price is $650 million in cash (subject to customary closing adjustments) with up to $135 million in potential regulatory and commercial milestone payments. The agreement is dated March 19, 2026 and the closing is expected in the second quarter of 2026, subject to customary conditions including expiration/termination of Hart‑Scott‑Rodino waiting periods.

Key Details

• Purchase Agreement dated March 19, 2026; closing expected Q2 2026.
• $650 million cash purchase price, plus up to $135 million aggregate in milestone payments.
• Transaction subject to customary closing conditions and HSR clearance; outside termination date March 19, 2027 (extendable to Sept 19, 2027 if only HSR remains).
• Company may owe a $24 million termination fee to the sellers in specified termination scenarios.

Why It Matters
The deal adds AZSTARYS to Collegium’s ADHD portfolio and could affect the company’s revenue and adjusted EBITDA if the acquisition completes and performs as expected. For investors, the key near-term items are the cash outlay ($650M), potential contingent payments, regulatory clearance (HSR), and the $24M termination fee risk if the deal fails under certain conditions. The filing also includes standard forward‑looking disclaimers and risk factors that could affect timing, approvals, and the expected benefits.