To expand its reach in the ADHD market, Collegium Pharmaceutical has entered into an agreement to acquire Azstarys from Corium Therapeutics.
The deal includes $650 million upfront and $135 million in potential milestone payments and gives Collegium its second branded ADHD drug, Azstarys, and its Jornay PM.
Chempharm, a Florida pro-drug specialist, won FDA approval for Azstaris in 2021, two years after entering into a licensing agreement with privately held Corium, an affiliate of investment fund Garnet Point Capital.
Collegium does not disclose sales figures for its drugs, but Collegium said it expects Azstaris to generate more than $50 million in revenue in the second half of 2026.
Azstaris is a central nervous system stimulant for patients 6 years of age and older. This is the first and only ADHD treatment with both fast-acting and long-acting medication in one capsule. According to Collegium, Azstaris is expected to maintain market exclusivity until 2037.
“This acquisition immediately expands our position in ADHD with two highly differentiated and complementary medicines,” Collegium CEO Vikram Karnani said in a conference call Thursday. “The addition of Azstarys also allows us to leverage our existing ADHD commercial infrastructure.”
The Massachusetts company expects the transaction to close in the second quarter of this year.
Collegium acquired Jornay PM as part of its $525 million acquisition of Ironshore Therapeutics in 2024. The deal comes six years after the FDA approved the drug methylphenidate. Collegium reported that Jornay’s 2025 sales will be $149 million, of which $46 million will occur in the fourth quarter. Collegium expects to retain market exclusivity for Jornay until 2032.
Generic drugs are most commonly prescribed for ADHD, but Azstaris and Jornay each attracted more than 760,000 prescriptions last year, Collegium Chief Commercial Officer Scott Dreyer said on a conference call.
“We believe there is a significant opportunity to increase market share,” Dryer said. “Despite the variety of treatments currently available, many patients continue to struggle to find the treatment that is right for them. Market research shows that people with ADHD, on average, try about three different ADHD medications before finding the right treatment.”
Jornay is the only ADHD medication that you take at bedtime, and it works all day long, from when you wake up in the morning, without the need for additional doses in the afternoon. On the other hand, Azstaris takes effect immediately when taken in the morning and remains effective throughout the day. Adults with ADHD are more likely to use Azstaris because the profile is different, Dryer added.
The Azstaris acquisition diversifies Collegium’s portfolio, which also includes three painkillers: Berbuca, Xtamza ER, and Nusynta, each of which generated sales of $196 million to $222 million in 2025.
