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In a deal between Massachusetts companies, Collegium Pharmaceutical plans to pay $650 million upfront to acquire ADHD drug Azstarys from privately held Corium Therapeutics. In a bid to expand its reach in the attention-deficit/hyperactivity disorder (ADHD) market, Collegium Pharmaceutical has struck a deal to acquire Azstarys from Corium Therapeutics.The deal, which includes an upfront payment of $650 million and $135 million in potential milestone payments, gives Collegium a second branded ADHD treatment, Azstarys, along with its Jornay PM. Florida prodrug specialist KemPharm scored FDA approval for Azstarys in 2021, two years after it struck a licensing deal with privately held Corium, which is an affiliate of investment fund Gurnet Point Capital. Corium does not release sales figures for its drugs, but Collegium said that it expects Azstarys to generate more than $50 million in revenue in the second half of 2026. Azstarys is a central nervous system stimulant for patients aged 6 and older. It is the first and only ADHD treatment with both immediate-release and long-acting medicines in one capsule. Azstarys is expected to retain its market exclusivity until 2037, Collegium said.“This acquisition immediately expands our position in ADHD with two highly differentiated and complementary medicines,” Collegium CEO Vikram Karnani said on a Thursday conference call. “The addition of Azstarys will also allow us to leverage our existing ADHD commercial infrastructure.”The Massachusetts companies expect the deal to close in the second quarter of this year.Collegium acquired Jornay PM as part of its $525 million buyout of Ironshore Therapeutics in 2024. The deal came six years after the FDA signed off on the methylphenidate drug. Collegium reported 2025 sales of Jornay at $149 million in 2025, with $46 million of the figure coming in the fourth quarter. Collegium expects to hold market exclusivity of Jornay until 2032. While generics are most commonly prescribed for ADHD, Azstarys and Jornay each garnered more than 760,000 prescriptions last year, Collegium chief commercial officer Scott Dreyer said during the call.“We believe there’s a significant opportunity to increase their share of the market,” Dreyer said. “Despite a number of different treatment options available today, many patients continue to struggle to find the right individual treatment solution. Market research indicates that on average, ADHD patients try about three different ADHD medicines before finding the right treatment option.”Jornay is taken at bedtime and provides efficacy upon waking in the morning and throughout the day, without the need for an additional dose in the afternoon. Meanwhile, Azstarys provides rapid efficacy after it is taken in the morning and lasts throughout the day. Because of their differing profiles, adults with ADHD are more apt to use Azstarys, Dreyer added.Gaining Azstarys will help diversify Collegium’s portfolio, which also includes three pain medications—Belbuca, Xtampza ER and Nucynta—each of which generated sales of between $196 million and $222 million in 2025.Editor's note: In a previous version of this story, Jornay was described as the only ADHD drug that provides efficacy upon waking in the morning and throughout the day, without the need for an additional dose in the afternoon. Supernus' Qelbree, which was approved in 2022, also provides these advantages.

Collegium Pharmaceutical is beefing up its portfolio in ADHD with the acquisition of Corium’s FDA-approved drug Azstarys. The $650 million upfront deal carries up to an additional $135 million in milestones and is expected to close next quarter, Collegium said Thursday. It marks at least the 12th sizable biopharma acquisition so far this year, according to an Endpoints News tally. The all-cash move expands Collegium’s ADHD portfolio, which includes the drug Jornay. It also has a marketing campaign for Jornay called “Embrace your sparkle,” with reality TV star and socialite Paris Hilton, who frequently talks about her own ADHD diagnosis. Azstarys has the potential to be a long-term source of revenue for Collegium. CEO Vikram Karnani said in a press release that it will bring in sales “into 2037 and beyond.” The ADHD market is projected to grow significantly in the coming years as the rate of childhood diagnoses increases. The CDC said that from 2016 to 2022, ADHD diagnoses rose by 1 million. There were more than 760,000 prescriptions for Azstarys in 2025, Collegium said. The Stoughton, MA-based company said Jornay and Azstarys are expected to be complementary and meant for different patients, rather than cannibalizing each other’s market share. Corium won FDA approval of Azstarys in 2021. The once-daily capsule, for patients 6 years and older, is a mix of 70% extended-release serdexmethylphenidate and 30% immediate-release dexmethylphenidate. Shares $COLL of the $1.1 billion market cap company were up about 3% after the deal announcement. Corium is privately held, with backing from B-Flexion Life Sciences, an investment firm behind other healthcare groups like Allergy Partners, Paratek Pharmaceuticals and Radius Health. The deal doesn’t include Corium’s other FDA-approved prescription medication, a once-weekly patch for Alzheimer’s-related dementia that is marketed as Adlarity. Other medicines in Collegium’s portfolio are the partial opioid agonist Belbuca , the extended-release oxycodone capsule Xtampza and the opioid analgesic Nucynta. Last year, the company brought in $781 million in product sales.