Future Pak Submits Proposals to Acquire Theratechnologies Inc., Offering up to $255 Million in Total Value
Future Pak, LLC ("Future Pak") today announced that it has submitted two formal proposals since January to acquire all outstanding shares of common stock of Theratechnologies Inc. ("Theratechnologies") (NASDAQ:THTX). The most recent proposal, which remains open for consideration by Theratechnologies and its Board of Directors, offers a cash consideration of $3.51 to $4.50 per share.
The proposal represents a total enterprise value of up to $255 million, comprising:
- $205 million in cash at closing, and
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Up to $50 million in contingent value right (CVR) payments, including:
- 50% of the annual EGRIFTA® franchise gross profit (defined as net sales minus cost of goods, per U.S. GAAP) above $30 million annually for three years post-closing.
- A $10 million one-time milestone payment if cumulative EGRIFTA gross profit exceeds $125 million over the same three-year period.
This offer implies a 164% to 238% premium to Theratechnologies' closing stock price of $1.33 as of April 10, 2025.
"To move this process forward efficiently and deliver compelling value to Theratechnologies' shareholders, we have submitted multiple offers outlining a flexible and attractive framework," said Nirav Patel, Chief Growth Officer at Future Pak. "We believe this proposal provides significant upside and a solid foundation for constructive dialogue, with the goal of achieving a mutually beneficial transaction."
Despite repeated outreach and the submission of two detailed proposals—each offering a premium of more than 100% over Theratechnologies' trading price—Future Pak has received minimal engagement from the company to date.
Future Pak confirms that the transaction would not be subject to a financing contingency and has the full support of its strategic financial partner, Colbeck Capital Management.
Future Pak has engaged Bourne Partners Securities LLC as financial advisor and Honigman LLP as legal advisor. Given access to standard due diligence materials, Future Pak believes it could reach a definitive agreement and announce a transaction within four to six weeks.
By publicly disclosing its interest, Future Pak hopes to encourage Theratechnologies shareholders to engage with the proposal and ensure that the Board fulfills its duty to pursue the highest value outcome available.
About Future Pak
Founded in 1977 and headquartered in Wixom, Michigan, Future Pak is a privately held contract manufacturer and packager of pharmaceutical and nutraceutical products. The company operates across retail, specialty, and institutional markets, leveraging its robust infrastructure and partner network to deliver quality-first, patient-centric solutions.
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