Future Pak to buy Theratechnologies for $254 million

Theratechnologies (TSX: TH/Nasdaq: THTX), a Canada-based biopharma, is to be acquired by CB Biotechnology, an affiliate of Future Pak, a privately-held contract manufacturer, packager and distributor of pharmaceutical and nutraceutical products.

The offer of $3.01 per share in cash, plus one contingent value right (CVR) for potential additional aggregate payments of up to $1.19 per share, was accepted. The total transaction consideration, assuming full payment of the CVRs, is $254 million.

The cash portion of the sum offered to the company’s shareholders under the transaction and the combined cash and CVR consideration - assuming maximum payment of the CVR - represent premiums of 126% and 216%, respectively, to the closing price on the Nasdaq Capital Market on April 10 this year, the date prior to the announcement of Future Pak’s initial non-binding proposal, and of 90% and 165%, respectively, to the 30-day volume weighted average share price for the period ending on April 10.