Theratechnologies (TH.TO and NASDAQ: THTX), a commercial-stage biopharmaceutical company, overnight Tuesday announced that following careful consideration of the current circumstances, including the publicly announced proposal from Future Pak, the Theratechnologies board of directors has decided to further evaluate the potential sale of the company through an open and non-exclusive process.

The board authorized the special committee, consisting of independent and disinterested directors, to oversee the process and make a recommendation to the full board.

In a statement, Theratechnologies said there is no assurance that discussions with Future Pak or any other interested party will result in a transaction.

"The company would like to reassure its clients, employees and partners that while these discussions may be ongoing, operations continue in the normal course," the company said.

The company does not intend to provide further updates or comments with respect to the foregoing, other than as required pursuant to applicable securities laws.

Theratechnologies gained more than 3% in both Canada and the U.S. on Tuesday.