Theratechnologies Soars 33.9% on Acquisition Deal

Theratechnologies Inc. (THTX) surged 33.9% in pre-market trading on July 4, 2025, following the announcement of a definitive agreement to be acquired by CB Biotechnology, an affiliate of Future Pak, for a total consideration of US$254 million.

Theratechnologies has entered into a binding arrangement agreement with CB Biotechnology, LLC, an affiliate of Future Pak, LLC. The deal involves the acquisition of all issued and outstanding common shares of Theratechnologies for US$3.01 per share in cash, plus one contingent value right (CVR) per share for additional aggregate cash payments of up to US$1.19 per CVR, if certain milestones are achieved.

The transaction represents a significant premium for Theratechnologies shareholders, with the cash portion of the consideration offering a 126% premium and the combined cash and CVR consideration offering a 216% premium to the closing price on the Nasdaq Capital Market on April 10, 2025. The deal is the culmination of a sale process led by a special committee of independent directors, which solicited interest from multiple potential counterparties.

The acquisition is expected to close during Theratechnologies' fourth quarter ending November 30, 2025, subject to customary closing conditions, including shareholder approval and the approval of the Superior Court of Québec. The transaction will be funded by Future Pak through a combination of debt financing and cash on hand, with a US$220 million credit facility already secured.

Following the completion of the transaction, Theratechnologies will become a privately held company and will cease to be a reporting issuer under Canadian securities laws and deregister its shares with the U.S. Securities and Exchange Commission. The common shares will no longer be publicly traded on the Toronto Stock Exchange and on the Nasdaq.