Makes a fortune in cash. Costs almost nothing to run. Protected by patents until 2037. COLL at $35 looks too cheap.
TL;DR: Collegium ($COLL) sells patent-protected extended-release drugs for pain and ADHD. Asset-light, 61% gross margins, \~$290M owner earnings, revenue compounding \~20% for five years. Including \~$488M of net debt, the whole enterprise trades around 5.6x owner earnings. I think the …