In a significant expansion of its product lineup, Collegium Pharmaceutical (NASDAQ:COLL) announced the completion of its acquisition of Ironshore Therapeutics for approximately $525 million in cash.
Ironshore, a private company known for its CNS stimulant, Jornay PM (methylphenidate HCl), specializes in treatments for attention deficit hyperactivity disorder (ADHD).
Michael Heffernan, Chairman and Interim President and CEO of Collegium, expressed satisfaction with the acquisition, stating, "We are pleased to have successfully closed the acquisition of Ironshore, which represents an important milestone as we build a leading, diversified specialty pharmaceutical company."
He emphasized that the inclusion of Jornay PM in Collegium's portfolio marks the company’s strategic entry into the ADHD market—a sector known for its significant growth potential.
Jornay PM stands out in the ADHD treatment landscape due to its unique properties, and Collegium anticipates it will become a major growth driver for the company.
This acquisition not only diversifies Collegium's portfolio but also strengthens its position in the specialty pharmaceutical sector by tapping into a new and expanding market.
Following the announcement of the deal, Collegium's share price remained steady at $37.42.