Future Pak LLC said Friday that it submitted a formal proposal to acquire all of the outstanding common shares of Theratechnologies (THTX) at a cash consideration of $3.51 to $4.50 per share.

This is Future Pak's second proposal to acquire Theratechnologies since January.

The recent proposal, which remains open for consideration by Theratechnologies, represents a total enterprise value of up to $255 million. The offer includes $205 million in cash at closing, and up to $50 million in contingent value right, or CVR, payments.

The offer implies a 164% to 238% premium to Theratechnologies' closing stock price of $1.33 as of April 10.

Future Pak said the proposed deal would not be subject to a financing contingency and has the full support of its strategic financial partner, Colbeck Capital Management.

Given access to standard due diligence materials, Future Pak said it could reach a definitive agreement and announce a transaction within four to six weeks, according to the announcement.

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