Theratechnologies to Be Acquired by Future Pak 

• Theratechnologies will be acquired by CB Biotechnology for up to US$254 million in cash and contingent value rights.

• The transaction follows a special committee-led sale process and delivers a potential 216% premium to shareholders.

Theratechnologies Inc., a commercial-stage biopharmaceutical company, has entered into a binding arrangement to be acquired by CB Biotechnology, LLC, an affiliate of contract manufacturer Future Pak, LLC. The deal values Theratechnologies at up to US$254 million, including a US$3.01 per share cash payment and a contingent value right (CVR) of up to US$1.19 per share if certain milestones are achieved.

The acquisition offers shareholders a premium of 126% to the company’s Nasdaq share price on April 10, 2025—the day before Future Pak’s initial proposal—and 216% assuming the full value of the CVR. The agreement results from a formal sale process led by an independent special committee of Theratechnologies’ board.

Frank A. Holler, Chair of the Board of Directors, stated: “This transaction is the result of a thorough and deliberate sale process aimed at maximizing value for our shareholders.”

Future Pak’s Chief Growth Officer, Nirav Patel, described the acquisition as a major step in the company’s long-term expansion strategy, adding that it will enhance patient access and product continuity across markets.

The companies did not disclose specific operational changes but confirmed their focus on maintaining product supply and continuing patient care. The transaction is expected to close following customary approvals and the achievement of specified milestones.