Ironshore Pharmaceuticals Acquisition, Valuation, Funding & Investors

Ironshore Pharmaceuticals was acquired by Collegium Pharmaceutical for $525M in July 2024.

Ironshore Pharmaceuticals acquisition price

$525M

Acquired by Collegium Pharmaceutical · Jul 2024

Cumulative funding Ironshore Pharmaceuticals raised

$200M

across 1 funding round

Key investors in Ironshore Pharmaceuticals

Ironshore Pharmaceuticals Overview

About Ironshore Pharmaceuticals

Ironshore Pharmaceuticals is a pharmaceutical company focused on developing and commercializing novel treatments for neurodevelopmental disorders including attention deficit hyperactivity disorder. Its portfolio features extended-release oral suspensions like AZSTARYS for patient convenience.


Founded

2008

HQ

United StatesRaleigh, NC

Status

Acquired

Customer focus

B2C

Revenue model

Product sales

Valuation

$525M (acquired Jul 2024)

Ironshore Pharmaceuticals Acquisition

Ironshore Pharmaceuticals was acquired by Collegium Pharmaceutical for $525M on 29 July 2024.

Before the acquisition Ironshore Pharmaceuticals had raised $200M across 1 funding round.

Ironshore Therapeutics Inc., a privately held pharmaceutical company, markets and distributes Jornay PM (methylphenidate HCl), a central nervous system stimulant prescription medicine for treating attention deficit hyperactivity disorder (ADHD) in patients aged six years and older; it is the only stimulant medication dosed in the evening. Collegium Pharmaceutical Inc. (Nasdaq: COLL), a diversified specialty pharmaceutical company headquartered in Stoughton, Massachusetts, and focused primarily on pain management, signed a definitive merger agreement on July 29, 2024, to acquire Ironshore for $525 million in cash, with an additional $25 million contingent payment to Ironshore shareholders if Jornay PM's net revenue exceeds a specified threshold in 2025. The deal, expected to close in Q3 2024 pending regulatory approvals, enables Collegium to expand beyond pain management into the large, growing ADHD market, adding a commercial asset with revenue potential and exclusivity into the 2030s that is immediately accretive. To fund the acquisition, Collegium secured a $646 million five-year loan from Pharmakon Advisors, supplemented by its cash reserves. The transaction diversifies Collegium's portfolio with Jornay PM, an FDA-approved therapy, addressing unmet needs in ADHD treatment despite challenges for stimulant therapies like abuse potential and 30-day prescription limits. Legal advisors included Cleary Gottlieb for Ironshore's major shareholders, Goodwin for Ironshore, and Hogan Lovells for Collegium.

Ironshore Pharmaceuticals acquisition details
AcquirerDateTypePrice
29 Jul 2024Strategic M&A$525M

Ironshore Pharmaceuticals Funding History

Ironshore Pharmaceuticals has raised a total of $200M across 1 funding round.

Ironshore Pharmaceuticals funding rounds

Ironshore Pharmaceuticals funding rounds
DateStageInvestorsRaisedDeal Summary
Jan 2017Undisclosed stageMorgan Stanley (lead)$200MIronshore Pharmaceuticals & Development, Inc., a subsidiary of Highland Therapeutics Inc., completed a US$200 million private placement of Senior Secured Notes in January 2017, with Morgan Stanley & Co. LLC serving as sole placement agent. The company was founded in 2009 and focuses on the development and commercialization of central nervous system (CNS) stimulant medications for ADHD treatment. At the time of this financing, Ironshore was transitioning from a research and development organization to a fully integrated pharmaceutical company. The proceeds were designated to fund pre-commercialization marketing strategies and commercial launch activities for HLD200 (later branded as JORNAY PM), an ADHD medication then under FDA review. JORNAY PM was subsequently approved by the FDA on August 8, 2018, as the only stimulant medication dosed once daily in the evening for ADHD patients aged 6 and older. Following FDA approval in 2018, Ironshore announced an additional US$143 million in Senior Secured Notes financing to support the commercial launch of JORNAY PM, which was projected to launch in the first half of 2019. The company was ultimately acquired by Collegium Pharmaceutical in July 2024.

Who has invested in Ironshore Pharmaceuticals?

1 investor has backed Ironshore Pharmaceuticals across its funding rounds, including Morgan Stanley.

Lead investors include Morgan Stanley.


Ironshore Pharmaceuticals Investors

Investors in Ironshore Pharmaceuticals by funding rounds participated
InvestorHQRoundsRoleFirst check

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Ironshore Pharmaceuticals Competitors

Ironshore Pharmaceuticals competitors include listed companies like Indaptus Therapeutics, Chabiotech, Entera Bio and Ovid Therapeutics, and private ones like Shoreline Biosciences and Bambusa Therapeutics.

Public and private companies comparable to Ironshore Pharmaceuticals
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Indaptus TherapeuticsUnited StatesUnited StatesPublicly listed-($21M)$524M-
ChabiotechSouth KoreaSouth KoreaPublicly listed$923M($32M)$527M-
Entera BioUnited StatesUnited StatesPublicly listed$42K($11M)$523M42813.7x
Ovid TherapeuticsUnited StatesUnited StatesPublicly listed$7M($17M)$527M159.2x
Shoreline BiosciencesUnited StatesUnited StatesPrivate--$528M-
Bambusa TherapeuticsUnited StatesBoston, MAPrivate--$515M-

Ironshore Pharmaceuticals Public Comps

Ironshore Pharmaceuticals is no longer listed, but its public comps include Indaptus Therapeutics, Chabiotech, Entera Bio, Ovid Therapeutics, TaiMed Biologics, Beximco Pharmaceuticals, Tectonic Therapeutic, Assembly Biosciences, Novartis India and Autolus Therapeutics.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Indaptus Therapeutics-($21M)--(24.6x)-
Chabiotech$923M($32M)1.4x-(41.0x)-
Entera Bio$42K($11M)12199.0x42813.7x(44.6x)-
Ovid Therapeutics$7M($17M)58.3x159.2x(24.7x)-
TaiMed Biologics$19M($1M)25.8x-(487.5x)-
Beximco Pharmaceuticals$399M$97M1.4x1.3x5.7x5.3x
Tectonic Therapeutic-($83M)--(3.8x)-
Assembly Biosciences$72M($12M)2.7x3.0x(16.5x)9.1x

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Common questions about Ironshore Pharmaceuticals

When was Ironshore Pharmaceuticals founded?Ironshore Pharmaceuticals was founded in 2008.
Where is Ironshore Pharmaceuticals headquartered?Ironshore Pharmaceuticals is headquartered in Raleigh, NC, United States.
Is Ironshore Pharmaceuticals publicly listed?No, Ironshore Pharmaceuticals was acquired by Collegium Pharmaceutical in July 2024.
Who acquired Ironshore Pharmaceuticals?Ironshore Pharmaceuticals was acquired by Collegium Pharmaceutical in July 2024.
How much was Ironshore Pharmaceuticals acquired for?Ironshore Pharmaceuticals was acquired for $525M in July 2024.
How much funding has Ironshore Pharmaceuticals raised?Ironshore Pharmaceuticals has raised $200M across 1 funding round.
What was Ironshore Pharmaceuticals' last funding round?Ironshore Pharmaceuticals' last funding round was a $200M undisclosed-stage round in January 2017, led by Morgan Stanley.
Who are Ironshore Pharmaceuticals' investors?Ironshore Pharmaceuticals' investors include Morgan Stanley.
Which companies are comparable to Ironshore Pharmaceuticals?Companies comparable to Ironshore Pharmaceuticals include Indaptus Therapeutics, Chabiotech, Entera Bio, Ovid Therapeutics, Shoreline Biosciences and Bambusa Therapeutics.

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