- Future Pak offers to acquire Theratechnologies (THTX, Financial) for up to $255 million.
- The offer includes a cash component of $205 million at closing.
- The transaction promises a 164% to 238% premium over Theratechnologies’ recent stock price.
Future Pak has submitted two formal proposals to acquire Theratechnologies Inc. (THTX), with the most recent bid valuing the company at up to $255 million. This value is composed of $205 million in cash at closing, complemented by up to $50 million in contingent value rights (CVR) payments related to EGRIFTA®'s performance.
The offer suggests a significant premium of 164% to 238% over Theratechnologies' closing stock price of $1.33 as of April 10, 2025. Despite the generous terms, there has been minimal engagement from Theratechnologies’ management. The transaction is not subject to a financing contingency and is backed by Colbeck Capital Management.
Future Pak's proposal includes a CVR framework whereby shareholders could receive additional payments, including 50% of the annual gross profit from the EGRIFTA® franchise above $30 million for three years. Furthermore, there is a $10 million milestone payment contingent on EGRIFTA’s gross profit exceeding $125 million over the same period.
The strategic intent behind the acquisition focuses on maximizing the value of Theratechnologies' assets, particularly their EGRIFTA franchise known for treating HIV-related lipodystrophy. Future Pak believes in the untapped potential and is confident that operational efficiencies can be achieved to enhance profitability without compromising product compliance.
As Future Pak publicly discloses its interest, it aims to motivate Theratechnologies' shareholders to engage with the proposal, ensuring that the Board of Directors considers the potential high-value outcome of this transaction. The company is prepared to finalize an agreement and make a transaction announcement within four to six weeks, pending access to due diligence materials.
