Jenner & Block Advises Theratechnologies in Acquisition Agreement

On July 2, Jenner & Block advised its client Theratechnologies Inc. in entering into a definitive arrangement agreement to be acquired by CB Biotechnology LLC, an affiliate of Future Pak LLC. Theratechnologies is a Quebec-based commercial-stage biopharmaceutical company focused on the commercialization of innovative therapies.

Under the terms of the agreement, Future Pak will acquire all of the issued and outstanding common shares of Theratechnologies for US $3.01 per share in cash plus one contingent value right per share for potential additional payments of up to US $1.19 per share, depending on milestone achievements. The transaction represents a total potential equity value of approximately US $254 million, with premiums of up to 216% over Theratechnologies’ closing price prior to Future Pak’s initial non-binding proposal.

“This transaction is the result of a thorough and deliberate sale process aimed at maximizing value for our shareholders,” stated Frank A. Holler, Chair of the Board of Directors of Theratechnologies. “Future Pak’s interest in acquiring Theratechnologies represents a vote of confidence in the company we’ve built, recognizing our achievements in bringing innovative medicines to patients and the outstanding contributions of our dedicated employees.”

The transaction, which is expected to close in Theratechnologies’ fourth quarter ending November 30, 2025, is subject to customary closing conditions, including shareholder and court approvals.

The deal team was led by Partner Martin Glass, and included Partners Christopher Abbott, Geoffrey Davis, Madeleine Findley, Matthew Renaud, and Emma Sullivan, and Associates Kristen Iglesias and Daniel Robertson.

Related Capabilities

Related Locations

© 2026 Jenner & Block LLP. Attorney Advertising. Jenner & Block LLP is an Illinois Limited Liability Partnership including professional corporations. This publication, presentation, or event is not intended to provide legal advice but to provide information on legal matters and/or firm news of interest to our clients and colleagues. Readers or attendees should seek specific legal advice before taking any action with respect to matters mentioned in this publication or at this event. The attorney responsible for this communication is Brent E. Kidwell, Jenner & Block LLP, 353 N. Clark Street, Chicago, IL 60654-3456. Prior results do not guarantee a similar outcome. Jenner & Block London LLP, an affiliate of Jenner & Block LLP, is a limited liability partnership established under the laws of the State of Delaware, USA and is authorised and regulated by the Solicitors Regulation Authority with SRA number 615729. Information regarding the data we collect and the rights you have over your data can be found in our Privacy Notice. For further inquiries, please contact dataprotection@jenner.com.

Jenner & Block Advises Theratechnologies in Acquisition Agreement

On July 2, Jenner & Block advised its client Theratechnologies Inc. in entering into a definitive arrangement agreement to be acquired by CB Biotechnology LLC, an affiliate of Future Pak LLC. Theratechnologies is a Quebec-based commercial-stage biopharmaceutical company focused on the commercialization of innovative therapies.

Under the terms of the agreement, Future Pak will acquire all of the issued and outstanding common shares of Theratechnologies for US $3.01 per share in cash plus one contingent value right per share for potential additional payments of up to US $1.19 per share, depending on milestone achievements. The transaction represents a total potential equity value of approximately US $254 million, with premiums of up to 216% over Theratechnologies’ closing price prior to Future Pak’s initial non-binding proposal.

“This transaction is the result of a thorough and deliberate sale process aimed at maximizing value for our shareholders,” stated Frank A. Holler, Chair of the Board of Directors of Theratechnologies. “Future Pak’s interest in acquiring Theratechnologies represents a vote of confidence in the company we’ve built, recognizing our achievements in bringing innovative medicines to patients and the outstanding contributions of our dedicated employees.”

The transaction, which is expected to close in Theratechnologies’ fourth quarter ending November 30, 2025, is subject to customary closing conditions, including shareholder and court approvals.

The deal team was led by Partner Martin Glass, and included Partners Christopher Abbott, Geoffrey Davis, Madeleine Findley, Matthew Renaud, and Emma Sullivan, and Associates Kristen Iglesias and Daniel Robertson.

Related Capabilities

Related Locations

© 2026 Jenner & Block LLP. Attorney Advertising. Jenner & Block LLP is an Illinois Limited Liability Partnership including professional corporations. This publication, presentation, or event is not intended to provide legal advice but to provide information on legal matters and/or firm news of interest to our clients and colleagues. Readers or attendees should seek specific legal advice before taking any action with respect to matters mentioned in this publication or at this event. The attorney responsible for this communication is Brent E. Kidwell, Jenner & Block LLP, 353 N. Clark Street, Chicago, IL 60654-3456. Prior results do not guarantee a similar outcome. Jenner & Block London LLP, an affiliate of Jenner & Block LLP, is a limited liability partnership established under the laws of the State of Delaware, USA and is authorised and regulated by the Solicitors Regulation Authority with SRA number 615729. Information regarding the data we collect and the rights you have over your data can be found in our Privacy Notice. For further inquiries, please contact dataprotection@jenner.com.

News and Insights

Publications

Jenner & Block Marks Equal Time’s 25th Anniversary of Celebrating Community 

Jenner & Block released the 25th edition of Equal Time, the firm’s annual inclusion and engagement report centered on “Celebrating Community.”

September 23, 2026

Event

Associate Steven Arango to Speak at the Veterans' Legal Career Fair

On September 18, Associate Steven Arango will speak on a panel at the Veterans' Legal Career Fair (VLCF), the only legal career fair in the United States dedicated to veterans, active-duty service members, and military spouses.

September 18, 2026