William Blair analyst Tim Lugo views the bankruptcy of Purdue Pharma as positive for Collegium Pharmaceutical (COLL). Purdue's preliminary agreement for settling its opioid litigation and filing for Chapter 11 bankruptcy will significantly benefit companies that promote the responsible use of opioids for pain management such as Collegium and BioDelivery Sciences (BDSI," Lugo tells investors in a research note. Purdue's most widely known product was OxyContin, an extended release formulation of oxycodone that had a strong hold on the oxycodone market share, says the analyst. He believes OxyContin's market share will "significantly deteriorate" after Purdue's bankruptcy, driving prescribers to use products such as Collegium's Xtampza ER, an extended release abuse-deterrent formulation of oxycodone. Lugo keeps Outperform ratings on both Collegium and BioDelivery.