STOUGHTON, Mass., February 7, 2023 (GLOBE NEWSWIRE) — Collegium Pharmaceutical, Inc. COLL today announced the pricing of its offering of $210,000,000 in aggregate principal amount of 2.875% convertible senior notes due 2029 (the “Notes”) in a private offering to qualified institutional buyers under Rule 144A of the Securities Act, 1933, as amended (the “ Notes”) known. The offering was increased from the previously announced offering size of $175,000,000 in aggregate principal amount of the Notes. Collegium also granted the original purchasers of the Notes an option to purchase for settlement for a period of 13 days from the date of initial issuance of the Notes, inclusive through for an additional principal amount of $31,500,000 in Notes The sale of the Notes to the original purchasers is expected to close on February 10, 2023, subject to customary closing conditions.

The Notes are senior unsecured obligations of Collegium and bear interest at a rate of 2.875% per annum, payable semi-annually in arrears on February 15 and August 15 of each year beginning August 15, 2023. The Notes will mature on August 15, 2023. February 2029 unless redeemed, redeemed or converted earlier. Prior to November 15, 2028, Noteholders have the right to switch their Notes only upon the occurrence of certain events. Beginning on November 15, 2028 and after November 15, 2028, Noteholders will have the right to switch their Notes at any time of their election up until the close of business on the scheduled Dealing Day immediately prior to the Maturity Date. Collegium will settle conversions by payment or delivery of cash, common stock or a combination of cash and common stock, at Collegium’s option. The initial conversion rate is 27.3553 common shares per $1,000 par value of the Notes, resulting in an initial conversion price of approximately $36.56 per common share. The initial conversion price represents a premium of approximately 30% over…