Theratechnologies Successfully Completes Acquisition Journey
Acquisition Milestone for Theratechnologies
Theratechnologies Inc. (“Theratechnologies” or the “Company”) (TSX: TH) (NASDAQ: THTX), a prominent biopharmaceutical company at the forefront of innovation, proudly announces the completion of its strategic acquisition plan by Future Pak. This significant event marks a new chapter for the Company as it positions itself for expanded opportunities.
Details of the Acquisition
The acquisition involved a plan of arrangement under Chapter XVI – Division II of the Business Corporations Act (Québec). Under this arrangement, CB Biotechnology, LLC, an affiliate of Future Pak, successfully acquired all outstanding shares of Theratechnologies for US$3.01 per share. In addition to this cash payment, shareholders are entitled to one contingent value right (CVR) per share, which may provide up to an additional US$1.19 if specific operational milestones are achieved.
Shareholder Benefits in the Transition
The consideration for the shares has been managed by Computershare Investor Services Inc., who has acted as the depositary under this arrangement. Former shareholders of Theratechnologies can expect to receive payments promptly following the completion of necessary formalities, including submitting share certificates for processing.
Insights on Contingent Value Rights
Each CVR represents an important contractual right for shareholders, allowing potential future cash payments, contingent upon the achievement of set milestones by the Company. The independent evaluation has assigned a fair market value of US$0.80 per CVR as of the end of September, opening pathways for significant future returns.
Market Exit and Future Directions
In light of the proficiency of this arrangement, it is anticipated that Theratechnologies shares will be officially delisted from both the Toronto Stock Exchange and the Nasdaq Capital Market shortly. In addition, the Company will proceed with the deregistration of shares in alignment with U.S. Securities Exchange Act regulations, cementing its new direction under Future Pak's stewardship.
Understanding Future Pak's Role
Founded in 1977 and based in Wixom, Michigan, Future Pak is renowned for its expertise as a contract manufacturer, packager, and distributor in the pharmaceutical sector. Their commitment to quality and patient-centric solutions positions them as a strong partner for Theratechnologies, enabling the combination of innovative therapies with comprehensive distribution capabilities.
Looking Ahead
This acquisition holds promise for Theratechnologies, as it aims to leverage Future Pak’s extensive infrastructure and market reach. The collaborative effort is set to propel Theratechnologies’ innovative treatment approaches into new markets, enhancing their visibility and competitive edge within the biopharmaceutical landscape.
Further Developments on the Horizon
As the integration unfolds, stakeholders can anticipate exciting updates regarding product initiatives and strategic growth plans. Theratechnologies, under its new umbrella, is dedicated to redefining standards of care through innovative solutions that enhance patient quality of life.
Frequently Asked Questions
What does the acquisition mean for Theratechnologies?
The acquisition by Future Pak is expected to provide Theratechnologies with enhanced resources and market presence, paving the way for future innovations and growth.
How will the CVRs work for shareholders?
Shareholders will receive potential additional payments through CVRs if certain performance milestones are met by Theratechnologies, allowing for increased shareholder value.
What should current shareholders expect next?
Current shareholders can expect to receive their payments following the necessary formalities, and they will be informed of any further developments regarding the Company's operations.
Will Theratechnologies still be publicly traded?
No, following this acquisition, Theratechnologies will be delisting its shares from public exchanges, including the Nasdaq and the Toronto Stock Exchange.
How does Future Pak play into this acquisition?
Future Pak is facilitating the acquisition process and will help integrate and distribute Theratechnologies' innovations, ensuring they reach a broader market efficiently.
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