In a dramatic maneuver that blends corporate persistence with high-stakes biotech ambition, pharmaceutical contract manufacturer Future Pak LLC has publicly announced a sweeping proposal to acquire Theratechnologies Inc. for up to $255 million, despite what it calls “minimal engagement” from the Canadian biopharmaceutical company.
Unveiled Friday, this unsolicited offer represents Future Pak’s second attempt to initiate the deal, and comes with a bold appeal to shareholders—an effort to ignite movement where private talks fizzled.
A Game-Changing Premium Offer on the Table
According to the company’s statement, Future Pak is proposing to acquire all outstanding shares of Theratechnologies at a cash price between $3.51 and $4.50 per share, representing a 164% to 238% premium over Thursday’s closing price of $1.33.
The acquisition package includes:
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$205 million in cash at closing, and
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Up to $50 million in contingent value rights (CVRs), depending on future milestones.
“We’ve Been Patient — Now We’re Public”
The move to go public follows months of what Future Pak calls a frustratingly one-sided courtship. Despite repeated outreach and what it describes as “compelling, premium-laden offers,” Theratechnologies has largely remained on the sidelines.
“We’ve submitted multiple proposals that offer flexibility and shareholder value,” said Nirav Patel, Future Pak’s chief growth officer. “This is a genuine attempt to initiate meaningful, constructive dialogue toward a win-win transaction.”
