Theratechnologies Attracts Multiple Suitors Amid Potential Acquisition

Future Pak Makes $255M Bid for HIV-Focused Biopharma

Theratechnologies, a biopharmaceutical company specializing in HIV treatments, has become the center of attention in the pharmaceutical industry as multiple potential buyers vie for its acquisition. The latest development in this ongoing saga involves a $255 million offer from contract development and manufacturing organization (CDMO) Future Pak.

Future Pak's bid, announced on April 11, 2025, includes $205 million in cash at closing and up to $50 million in contingent value right payments. This offer represents Future Pak's third attempt to acquire Theratechnologies, following previous bids of $100 million in August 2024 and an undisclosed amount in January 2025.

Nirav Patel, Future Pak's chief growth officer, expressed confidence in the latest offer, stating that it provides Theratechnologies with "significant upside and a solid foundation for constructive dialogue, with the goal of achieving a mutually beneficial transaction."

Theratechnologies Juggles Multiple Offers

In response to Future Pak's bid, Theratechnologies disclosed that it is currently in negotiations with another unnamed potential buyer. The company revealed that it had previously entered into an exclusivity agreement with this suitor, which has since been renewed.

Theratechnologies' board of directors rejected Future Pak's initial $100 million offer in August 2024, deeming it "not attractive." When Future Pak returned with a second proposal in January 2025, Theratechnologies was already bound by the exclusivity agreement with the other potential buyer.

The current situation, as described by Theratechnologies, involves the unnamed buyer "negotiating a definitive agreement relating to a potential acquisition of all outstanding shares" of the company. However, Theratechnologies expects this agreement to include a "go shop" provision, allowing the company a limited time window to "engage with other potential acquirors, including Future Pak."

Theratechnologies' Portfolio and Financial Performance

Theratechnologies markets two key products in the HIV treatment space:

1. Egrifta SV: The only FDA-approved treatment for HIV-related excess visceral abdominal fat.
2. Trogarzo: A medication for HIV infection.

The company's financial performance has shown promise, with first-quarter revenue for 2025 increasing by 17.2% year over year to $19 million.

As the pharmaceutical industry closely watches the unfolding acquisition drama, Theratechnologies' future remains uncertain. The company's board of directors will need to carefully evaluate the competing offers to determine the best path forward for shareholders and patients alike.