Theratechnologies (THTX, Financials) shares surged 41.6% to 2.62 Canadian dollars ($1.91) as of 11:36 a.m. EDT on Friday after Future Pak disclosed two acquisition proposals valuing the company at up to $255 million. The Michigan-based contract manufacturer is offering between $3.51 and $4.50 per share in cash, representing a premium of 164% to 238% over Theratechnologies' April 10 closing price of $1.33.
The offer includes $205 million in cash at closing and up to $50 million in contingent value right payments tied to the performance of the EGRIFTA franchise. These contingent payments would cover 50% of annual gross profits above $30 million for three years, along with a one-time $10 million milestone if cumulative gross profit surpasses $125 million during the same period.
Despite multiple outreach efforts, Future Pak said it has received limited engagement from Theratechnologies. By going public, the company said it hopes to encourage shareholder participation and push the board to consider the offer.
The proposal is not subject to financing conditions and has backing from strategic partner Colbeck Capital Management. Future Pak is working with Bourne Partners Securities LLC as its financial adviser and Honigman LLP as legal counsel. The company said that with access to routine due diligence materials, a deal could be finalized within four to six weeks.
Founded in 1977, Future Pak is a privately held manufacturer and packager of pharmaceutical and nutraceutical products, operating across retail, specialty, and institutional markets.
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