On July 2, 2025, Theratechnologies Inc. (TSX: TH; NASDAQ: THTX), a Montreal-based biopharmaceutical company, announced a definitive agreement to be acquired by CB Biotechnology, LLC, an affiliate of Future Pak, LLC. The deal offered US$3.01 per share in cash plus a contingent value right (CVR) of up to US$1.19 per share, contingent on achieving certain profit milestones, for a total potential transaction value of US$254 million (C$347 million). The cash and full CVR consideration represented premiums of 126% and 216%, respectively, over Theratechnologies’ Nasdaq closing price on April 10, 2025.

The acquisition was completed on September 25, 2025, via a court-approved plan of arrangement under Québec corporate law. All outstanding common shares of Theratechnologies were acquired, and the company was subsequently delisted from the Toronto Stock Exchange and Nasdaq Capital Market. Theratechnologies also applied to cease being a reporting issuer in Canada and deregistered its shares under U.S. securities laws.

Barclays Capital Inc. and Raymond James Ltd. advised Theratechnologies, while Future Pak was advised by Bourne Partners Securities and McMillan LLP. Upon completion, Theratechnologies became a private company, backed by Future Pak’s cash and a US$220 million credit facility.