Theratechnologies is clearly hot property. The HIV-focused biopharma has received its latest bid from CDMO Future Pak for a cool $255 million—but the drugmaker is already in negotiations with another suitor.
Future Pak announced Friday that it is offering $205 million in cash at closing and up to $50 million in contingent value right payments to buy Thera. The biopharma company markets Egrifta SV, the only FDA-approved treatment for HIV-related excess visceral abdominal fat, as well as the HIV infection medication Trogarzo.
Responding to the offer, Thera unrolled the full backstory—including that this is in fact Future Pak’s third attempt at a buyout. The CDMO first offered $100 million for a buyout in August 2024, according to Thera, but this was rejected by the biopharma’s board on account of being “not attractive.”
When Future Pak returned with another proposal in January 2025, Thera was already under an exclusivity agreement with a separate, unnamed, potential buyer. The way Thera tells it, the company gave Future Pak an opportunity to get back in the game when that initial exclusivity period elapsed, but, by the time Future Pak had decided it was willing to sign a nondisclosure agreement, the other buyer had renewed negotiations.
The current state of play, according to Thera, is that the unnamed buyer is in the process of “negotiating a definitive agreement relating to a potential acquisition of all outstanding shares” of the biopharma.
However, Future Pak’s long-running dream of buying Thera may not be dead quite yet. The drugmaker said in its April 11 release that it expects the agreement with the other buyer to include a “go shop” provision, which would allow Thera a limited time window to “engage with other potential acquirors, including Future Pak.”
Thera saw its first-quarter revenue jump 17.2% year over year to $19 million, the company reported last week.
In Future Pak's own April 11 release, the CDMO's chief growth officer Nirav Patel said he believed the latest $255 million offer provided Thera with “significant upside and a solid foundation for constructive dialogue, with the goal of achieving a mutually beneficial transaction.”
“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,” the CDMO claimed.
Last year, Future Pak also made multiple unsuccessful attempts to buy Vanda Pharmaceuticals, which markets the sleep disorder drug Hetlioz.
Vanda said at the time that its revenue base, cash position and efficient operations positioned the company “for significant long-term growth and value creation far in excess of the" buyout offers.
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