Future Pak makes offer to acquire Canadian biopharma Theratechnologies for up to $255M

Contract manufacturer Future Pak announced that it has submitted two formal proposals since January to acquire all outstanding shares of common stock of Montreal-based biopharma company Theratechnologies, with the most recent proposal — for up to $255 million — remaining open for consideration, according to the company.

“Despite repeated outreach and the submission of two detailed proposals — each offering a premium of more than 100% over Theratechnologies’ trading price — Future Pak has received minimal engagement from the company to date,” according to Friday’s announcement from the privately held contract manufacturer and packager of pharmaceutical and nutraceutical products.  

However, Theratechnologies issued its own press release on Friday stating that in August 2024 it received a first unsolicited non-binding proposal from Future Pak to acquire the company. However, the Canadian biopharma said the proposed closing cash consideration of $100 million “was not attractive” to its board of directors and the proposal was rejected.

“The Company received a second unsolicited non-binding proposal from Future Pak in January 2025, which could not be entertained as the Company was under exclusivity with another potential acquiror,” according to Theratechnologies.

When the exclusivity period expired, Theratechnologies said it tried to enter into a non-disclosure pact with Future Pak to discuss its acquisition proposal but the contract manufacturer “would not sign such an agreement unless they were provided exclusivity.”

However, when Future Pak was finally prepared to sign a non-disclosure agreement, Theratechnologies had already renewed exclusivity with the other potential acquiror, whose name has not been disclosed.

“The Future Pak non-binding proposals have been made without Future Pak having completed any due diligence on the Company other than publicly available information,” Theratechnologies said, while the potential acquiror “has performed extensive due diligence on the Company and the parties are negotiating a definitive agreement relating to a potential acquisition of all outstanding shares of the Company.” 

Supply chain issues resolved

With deep ties to the U.S. market and reliance on contract manufacturers on both sides of the border, Theratechnologies was recently feeling vulnerable to the potential tariff threats from President Donald Trump and Canadian government officials.

The company’s injectable EGRIFTA SV, approved in the U.S. for the reduction of excess abdominal fat in HIV-infected adult patients with lipodystrophy, was in a potentially precarious position when it comes to tariffs imposed by both countries.

“Every time that it crosses the border there’s an additional component that is added in the other country,” CEO Paul Lévesque told Pharma Manufacturing last month. “The implication is that it’s going to be taxed when it comes to Canada and when it goes back to the U.S.”

However, a new formulation with a different supply chain was approved by the FDA late last month, which will be manufactured at a new, U.S.-based contract drug manufacturing organization, according to Theratechnologies.

Last week, the company announced that it secured FDA approval of the Prior Approval Supplement for the EGRIFTA SV supplemental biologics license application (sBLA), which Lévesque in a statement said “closes a chapter of supply uncertainty and we are pleased to return to normal supply conditions.”