Contract manufacturer Future Pak will acquire Theratechnologies in a $254m deal, bringing an end to a drawn-out sale process of the Canadian HIV-specialist biopharma.
Via its affiliate CB Biotechnology, US-headquartered Future Pak will purchase shares in Theratechnologies for $3.01 each plus a contingent value right (CVR) of $1.19 on the achievement of future milestones.
Shares in Theratechnologies increased 25% at market open following the takeover announcement. The drugmaker has a market cap of $144.6m.
The transaction, which will bring the currently Nasdaq-listed Theratechnologies back under private ownership, means Future Pak is paying a cash premium of 126% on the last closing share price for the biopharma.
Theratechnologies has two products in the HIV arena that are approved by the US Food and Drug Administration (FDA), namely Egrifta (tesamorelin F8) and Trogarzo (ibalizumab-uiyk). Egrifta is approved to reduce excess visceral abdominal fat in adults with HIV and lipodystrophy while Trogarzo is indicated for the treatment of HIV-1 infection in heavily treatment-experienced adults with multidrug resistance. Egrifta WR took over from Egrifta SV in March 2025, offering a more convenient formulation.
Expected to close in Q4, the deal will close a sale process that has fluctuated over the past year. Future Pak's first attempt to acquire Theratechnologies was rebuffed in August 2024, with the biopharma deeming the $100m offer too low.
Future Pak returned to the deal table in January 2025. Theratechnologies had already entered an exclusivity agreement with another potential acquirer, meaning Future Pak was once again turned away. Theratechnologies eventually opened the sale process to other parties, opening the door for a potential deal with the contract manufacturer. In April 2025, Future Pak tabled a $255 offer, which has now been accepted by the drugmaker.
Theratechnologies reported 2024 revenue of $85.9m, a 5% increase from the $81.8m accumulated in 2023. Whilst the company reported a positive EBITDA for the year, it struggled with supply for Egrifta WR due to an issue with a contract manufacturer. Still, sales of the drug grew 12%, unlike Trogarzo, which dropped 8% due to “competitive pressures” in the multidrug-resistant segment of the HIV market.
“This transaction is the result of a thorough and deliberate sale process aimed at maximising value for our shareholders,” stated Frank Holler, Theratechnologies’ chair of the board of directors.
“Future Pak’s interest in acquiring Theratechnologies represents a vote of confidence in the company we’ve built, recognising our achievements in bringing innovative medicines to patients and the outstanding contributions of our dedicated employees.”
Last year, Future Pak also made multiple unsuccessful attempts to acquire Vanda Pharmaceuticals, the developer of sleep disorder drug Hetlioz. Cycle Therapeutics ultimately won out, acquiring in a $466m deal.
