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Theratechnologies To Be Acquired By CB Biotechnology, An Future Pak Affiliate In US$254M Deal

Theratechnologies to be acquired by CB Biotechnology for up to $254M, marking a strategic expansion for Future Pak.

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  • Jul 03, 2025

  • Vaibhavi M.

Theratechnologies To Be Acquired By CB Biotechnology, An Future Pak Affiliate In US$254M Deal

Theratechnologies Inc. has announced a definitive agreement to be acquired by CB Biotechnology, an affiliate of contract manufacturer Future Pak, for US$3.01 per share in cash plus a potential US$1.19 per share through a contingent value right (CVR), pending the achievement of specific milestones. The total potential transaction value is US$254 million.

“This transaction is the result of a thorough and deliberate sale process aimed at maximizing value for our shareholders. Future Pak’s interest in acquiring Theratechnologies represents a vote of confidence in the company we’ve built, recognizing our achievements in bringing innovative medicines to patients and the outstanding contributions of our dedicated employees,” stated Frank A. Holler, Chair of the Board of Directors of Theratechnologies. 

The offer represents a significant premium for shareholders, 126% over Theratechnologies’ closing stock price on April 10, 2025, and 216% over the same price when including the CVR. The deal also marks a 90% premium to the 30-day volume-weighted average share price and a 165% premium when factoring in the CVR.

“This acquisition marks a watershed moment in the nearly 50-year history of Future Pak, and the evolution of a growth strategy implemented nearly a decade ago. The addition of Theratechnologies’ portfolio will expand our reach, drive further growth and enhance patient access. We are excited to take this next step with Theratechnologies and look forward to unlocking its full potential, while maintaining a steadfast focus on patient care, quality and a continuous supply of product to the market. This transaction would not be possible but for the immeasurable contributions of both past and present Future Pak employees dating back to its founding in 1977,” said Nirav Patel, Chief Growth Officer at Future Pak. 

This transaction concludes a previously announced strategic review and sale process led by Theratechnologies’ Special Committee of independent directors. The acquisition aligns with Future Pak’s strategy to expand its footprint in specialty pharmaceuticals and therapeutics.

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