<SEC-DOCUMENT>0001213900-25-031218.txt : 20250411
<SEC-HEADER>0001213900-25-031218.hdr.sgml : 20250411
<ACCEPTANCE-DATETIME>20250411193034
ACCESSION NUMBER:		0001213900-25-031218
CONFORMED SUBMISSION TYPE:	SCHEDULE 13D/A
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20250411
DATE AS OF CHANGE:		20250411

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Theratechnologies Inc.
		CENTRAL INDEX KEY:			0001512717
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		EIN:				000000000
		STATE OF INCORPORATION:			A8
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-86385
		FILM NUMBER:		25833969

	BUSINESS ADDRESS:	
		STREET 1:		2015 PEEL STREET
		STREET 2:		5TH FLOOR
		CITY:			MONTREAL
		STATE:			A8
		ZIP:			H3A 1T8
		BUSINESS PHONE:		514-336-7800

	MAIL ADDRESS:	
		STREET 1:		2015 PEEL STREET
		STREET 2:		5TH FLOOR
		CITY:			MONTREAL
		STATE:			A8
		ZIP:			H3A 1T8

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Soleus Capital Master Fund, L.P.
		CENTRAL INDEX KEY:			0001812275
		ORGANIZATION NAME:           	
		EIN:				981413657
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A

	BUSINESS ADDRESS:	
		STREET 1:		104 FIELD POINT ROAD
		STREET 2:		2ND FLOOR
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06830
		BUSINESS PHONE:		4752083111

	MAIL ADDRESS:	
		STREET 1:		104 FIELD POINT ROAD
		STREET 2:		2ND FLOOR
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06830
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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      <amendmentNo>1</amendmentNo>
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      <dateOfEvent>04/11/2025</dateOfEvent>
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      <issuerInfo>
        <issuerCIK>0001512717</issuerCIK>
        <issuerCUSIP>88338H704</issuerCUSIP>
        <issuerName>THERATECHNOLOGIES INC.</issuerName>
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          <com:street1>2015 Peel Street,</com:street1>
          <com:street2>Suite 1100 Montreal</com:street2>
          <com:city>Quebec</com:city>
          <com:stateOrCountry>Z4</com:stateOrCountry>
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            <com:street1>104 Field Point Road, 2nd Floor</com:street1>
            <com:street2>Attn: Steven J. Musumeci</com:street2>
            <com:city>Greenwich</com:city>
            <com:stateOrCountry>CT</com:stateOrCountry>
            <com:zipCode>06830</com:zipCode>
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        <reportingPersonName>SOLEUS CAPITAL MANAGEMENT, L.P.</reportingPersonName>
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        <sharedDispositivePower>4801375.00</sharedDispositivePower>
        <aggregateAmountOwned>4801375.00</aggregateAmountOwned>
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        <typeOfReportingPerson>PN</typeOfReportingPerson>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonNoCIK>Y</reportingPersonNoCIK>
        <reportingPersonName>SOLEUS GP, LLC</reportingPersonName>
        <memberOfGroup>a</memberOfGroup>
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        <typeOfReportingPerson>OO</typeOfReportingPerson>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonNoCIK>Y</reportingPersonNoCIK>
        <reportingPersonName>GUY LEVY</reportingPersonName>
        <memberOfGroup>a</memberOfGroup>
        <fundType>AF</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>X1</citizenshipOrOrganization>
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        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>10.4</percentOfClass>
        <typeOfReportingPerson>IN</typeOfReportingPerson>
      </reportingPersonInfo>
    </reportingPersons>
    <items1To7>
      <item1>
        <securityTitle>Common Stock</securityTitle>
        <issuerName>THERATECHNOLOGIES INC.</issuerName>
        <issuerPrincipalAddress>
          <com:street1>2015 Peel Street,</com:street1>
          <com:street2>Suite 1100 Montreal</com:street2>
          <com:city>Quebec</com:city>
          <com:stateOrCountry>Z4</com:stateOrCountry>
          <com:zipCode>H3A 1T8</com:zipCode>
        </issuerPrincipalAddress>
        <commentText>EXPLANATORY NOTE

This Amendment No. 1 to Schedule 13D (this "Amendment") is being filed by the Reporting Persons named in Item 2 below with respect to the beneficial ownership of the Reporting Persons of shares of the common stock, no par value per share, of Theratechnologies, Inc., a corporation existing under the laws of the Province of Quebec, Canada. This Amendment supplements the Schedule 13D as previously filed on November 28, 2023 (as amended, the "Schedule 13D"). Each Item below amends and restates the information disclosed under the corresponding Item of the Schedule 13D. Unless otherwise indicated, capitalized terms used but not defined in this Amendment shall have the same meanings herein as are ascribed to such terms in the Schedule 13D.

The title of the class of equity securities to which this statement relates is the common stock, no par value per share, ("Common Stock"), of Theratechnologies Inc., a corporation existing under the laws of the Province of Quebec, Canada (the "Issuer"). The address of the principal executive offices of the Issuer is 2015 Peel Street, Suite 1100 Montreal, Quebec H3A 1T8, Canada.</commentText>
      </item1>
      <item2>
        <filingPersonName>This statement is a joint filing by Soleus Capital Master Fund, L.P. ("Master Fund"), Soleus Capital, LLC ("Soleus Capital"), Soleus Capital Group, LLC ("SCG"), Soleus Capital Management, L.P. ("SCM"), Soleus GP, LLC ("Soleus GP"), and Mr. Guy Levy (each of the foregoing, individually, a "Reporting Person", and collectively, the "Reporting Persons").

The securities reported in this Amendment are held directly by Master Fund. Soleus Capital is the sole general partner of Master Fund, SCG is the sole managing member of Soleus Capital, SCM is the investment manager for Master Fund, and Soleus GP is the sole general partner of SCM. Guy Levy is the sole managing member of each of SCG and of Soleus GP. Each of SCG, Soleus Capital, SCM, Soleus GP and Mr. Levy disclaims beneficial ownership of these securities held directly by Master Fund other than for the purpose of determining their obligations under Section 13(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the filing of this report shall not be deemed an admission that any of the foregoing persons is the beneficial owner of such shares for any other purpose.</filingPersonName>
        <principalBusinessAddress>The principal office and business address of each of the Reporting Persons is 104 Field Point Road, 2nd Floor, Greenwich, CT 06830.</principalBusinessAddress>
        <principalJob>The principal business of the Reporting Persons is to invest in equity and equity-related securities and other securities of any kind or nature, and to make decisions regarding such securities. Mr. Guy Levy is the sole managing member of SCG, Soleus GP and other affiliated investment entities, as well the founder, Chief Executive Officer and Chief Investment Officer of SCM, the investment manager of Master Fund.</principalJob>
        <hasBeenConvicted>The Reporting Persons have not, during the last five years, been (a) convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors), or (b) party to a civil proceeding of a judicial or administrative body of competent jurisdiction as a result of which it or he is or was subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.</hasBeenConvicted>
        <convictionDescription>The Reporting Persons have not, during the last five years, been (a) convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors), or (b) party to a civil proceeding of a judicial or administrative body of competent jurisdiction as a result of which it or he is or was subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.</convictionDescription>
        <citizenship>Each of Soleus Capital, SCG and Soleus GP is a Delaware limited liability company. SCM is a Delaware limited partnership. Master Fund is a Cayman Islands limited partnership. Mr. Guy Levy is a citizen of the United States.</citizenship>
      </item2>
      <item3>
        <fundsSource>Item 3 of the original Schedule 13D is hereby incorporated herein by reference.</fundsSource>
      </item3>
      <item4>
        <transactionPurpose>The Reporting Persons purchased the shares of Common Stock beneficially owned by the Reporting Persons (the "Shares") for general investment purposes based on their belief that the Shares, when purchased, represented an attractive investment opportunity. The Reporting Persons may, from time to time, depending on prevailing market, economic and other conditions, acquire additional shares of Common Stock or other securities of the Issuer, dispose of any such securities, or engage in discussions with the Issuer concerning such acquisitions or dispositions or further investments in the Issuer.

The Reporting Persons have engaged, and intend to continue to engage, in communications with the Issuer's Board of Directors (the "Board") and management team regarding the Reporting Persons' investment in the Issuer and opportunities to enhance stockholder value, including the exploration of strategic transactions that may involve the sale by the Issuer of some or all of its assets and/or a change of control of the Issuer.

On April 11, 2025, Future Pak, LLC ("Future Pak") issued a press release (the "Future Pak Press Release") whereby it announced that it has submitted two formal proposals since January 2025 to acquire all of the outstanding shares of the Common Stock of the Issuer, the most recent of which, which remains open for consideration by the Issuer, offers a cash consideration of $3.51 to $4.50 per share, representing a premium of at least 163% to the closing price on April 10, 2025. Following the issuance of the Future Pak Press Release, the Reporting Persons sent a letter to the Board expressing the belief that an acquisition of the Issuer is in the best interests of the Issuer's securities, and urging the Issuer to engage with Future Pak to pursue the offer. A copy of the letter is attached hereto as Exhibit 2.

The Reporting Persons intend to review their investment in the Issuer on a continuing basis and, depending upon the price and availability of shares of Common Stock or other securities of the Issuer, subsequent developments affecting the Issuer, its business and its prospects, other investment and business opportunities available to the Reporting Persons, general stock market and economic conditions, tax considerations and other factors considered relevant, may decide at any time to increase or to decrease the size of their investment in the Issuer in the open market, in privately negotiated transactions or otherwise.

The Reporting Persons have no present plan or proposal that relates to or would result in any other action specified in clauses (a) through (j) of Item 4 of Schedule 13D except as set forth herein or such as would occur upon or in connection with completion of, or following, any of the actions discussed herein.</transactionPurpose>
      </item4>
      <item5>
        <percentageOfClassSecurities>As of the date of this Amendment, the Reporting Persons beneficially own an aggregate of 4,801,375 shares of Common Stock, representing approximately 10.4% of the outstanding shares of Common Stock (based upon 45,980,019 shares of Common Stock issued and outstanding as of November 30, 2024). All of the shares of Common Stock beneficially owned by the Reporting Persons are held directly by Master Fund. The warrant to purchase up to 387,500 shares of Common Stock at an exercise price of $12.56 per share previously held by Master Fund has expired by its terms.</percentageOfClassSecurities>
        <numberOfShares>All of the shares reported in this Amendment are held directly by Master Fund. Soleus Capital is the sole general partner of Master Fund, SCG is the sole managing member of Soleus Capital, SCM is the investment manager for Master Fund, and Soleus GP is the sole general partner of SCM. Guy Levy is the sole managing member of each of SCG and of Soleus GP. Each of SCG, Soleus Capital, SCM, Soleus GP and Mr. Levy disclaims beneficial ownership of these securities held directly by Master Fund other than for the purpose of determining their obligations under Section 13(d) of the Exchange Act, and the filing of this report shall not be deemed an admission that any of the foregoing persons is the beneficial owner of such shares for any other purpose.</numberOfShares>
        <transactionDesc>None of the Reporting Persons has effected any transactions in the Issuer's Common Stock during the 60 days preceding the date of this Amendment.</transactionDesc>
        <listOfShareholders>Under certain circumstances set forth in the limited partnership agreement of Master Fund, the general partner and/or limited partners, as applicable, of Master Fund may be deemed to have the right to receive dividends from, or the proceeds from, the sale of shares of the Issuer owned by Master Fund.</listOfShareholders>
        <date5PercentOwnership>Not applicable.</date5PercentOwnership>
      </item5>
      <item6>
        <contractDescription>Item 6 of the original Schedule 13D is hereby incorporated herein by reference.</contractDescription>
      </item6>
      <item7>
        <filedExhibits>1. Joint Filing Agreement, dated April 11, 2025, among the Reporting Persons.
2. Letter dated April 11, 2025 from Soleus Capital Management, L.P. to the Issuer.</filedExhibits>
      </item7>
    </items1To7>
    <signatureInfo>
      <signaturePerson>
        <signatureReportingPerson>SOLEUS CAPITAL MASTER FUND, L.P.</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Guy Levy</signature>
          <title>Soleus Capital, LLC, Its General Partner</title>
          <date>04/11/2025</date>
        </signatureDetails>
        <signatureDetails>
          <signature>/s/ Guy Levy</signature>
          <title>Soleus Capital Group, LLC, Its Managing Member</title>
          <date>04/11/2025</date>
        </signatureDetails>
        <signatureDetails>
          <signature>/s/ Guy Levy</signature>
          <title>Guy Levy, Managing Member</title>
          <date>04/11/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>SOLEUS CAPITAL, LLC</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Guy Levy</signature>
          <title>Soleus Capital Group, LLC, Its Managing Member</title>
          <date>04/11/2025</date>
        </signatureDetails>
        <signatureDetails>
          <signature>/s/ Guy Levy</signature>
          <title>Guy Levy, Managing Member</title>
          <date>04/11/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>SOLEUS CAPITAL GROUP, LLC</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Guy Levy</signature>
          <title>Guy Levy, Managing Member</title>
          <date>04/11/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>SOLEUS CAPITAL MANAGEMENT, L.P.</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Guy Levy</signature>
          <title>Soleus GP, LLC, Its General Partner</title>
          <date>04/11/2025</date>
        </signatureDetails>
        <signatureDetails>
          <signature>/s/ Guy Levy</signature>
          <title>Guy Levy, Managing Member</title>
          <date>04/11/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>SOLEUS GP, LLC</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Guy Levy</signature>
          <title>Guy Levy, Managing Member</title>
          <date>04/11/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>GUY LEVY</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Guy Levy</signature>
          <title>Guy Levy</title>
          <date>04/11/2025</date>
        </signatureDetails>
      </signaturePerson>
    </signatureInfo>
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<DOCUMENT>
<TYPE>EX-1
<SEQUENCE>2
<FILENAME>ea023805301ex1_soleus.htm
<DESCRIPTION>JOINT FILING AGREEMENT, DATED APRIL 11, 2025, AMONG THE REPORTING PERSONS
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXHIBIT 1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Joint Filing Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Soleus Capital Master Fund, L.P., a Cayman Islands
exempted limited partnership, Soleus Capital, LLC, a Delaware limited liability company, Soleus Capital Group, LLC, a Delaware limited
liability company, Soleus Capital Management, L.P., a Delaware limited partnership, Soleus GP, LLC, a Delaware limited liability company,
and Guy Levy, an individual, hereby agree to file jointly the statement on Schedule 13D to which this Joint Filing Agreement is attached,
and any amendments thereto which may be deemed necessary, pursuant to Regulation 13D-G under the Securities Exchange Act of 1934, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">It is understood and agreed that each of the parties
hereto is responsible for the timely filing of such statement and any amendments thereto, and for the completeness and accuracy of the
information concerning such party contained therein, but such party is not responsible for the completeness or accuracy of information
concerning the other party unless such party knows or has reason to believe that such information is inaccurate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">It is understood and agreed that a copy of this
Agreement shall be attached as an exhibit to the statement on Schedule 13D, and any amendments hereto, filed on behalf of each of the
parties hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dated: April 11, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">SOLEUS CAPITAL MASTER FUND, L.P.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD>Soleus Capital, LLC,</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Its General Partner</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD>Soleus Capital Group, LLC,</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Its Managing Member</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">/s/ Guy Levy</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Guy Levy</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Managing Member</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">SOLEUS CAPITAL, LLC</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD>Soleus Capital Group, LLC,</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD>Its Managing Member</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">/s/ Guy Levy</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Guy Levy</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Managing Member</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">SOLEUS CAPITAL GROUP, LLC</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">/s/ Guy Levy</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Guy Levy</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Managing Member</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">SOLEUS CAPITAL MANAGEMENT, L.P.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD>Soleus GP, LLC,</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD>Its General Partner</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">/s/ Guy Levy</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Guy Levy</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Managing Member</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">SOLEUS GP, LLC</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">/s/ Guy Levy</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Guy Levy</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Managing Member</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid">/s/ Guy Levy</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Guy Levy</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-2
<SEQUENCE>3
<FILENAME>ea023805301ex2_soleus.htm
<DESCRIPTION>LETTER DATED APRIL 11, 2025 FROM SOLEUS CAPITAL MANAGEMENT, L.P. TO THE ISSUER
<TEXT>
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<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 351.35pt; text-align: right"><B>Exhibit 2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 351.35pt; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 351.35pt; text-align: right"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 50%">&nbsp;<IMG SRC="ex2_001.jpg" ALT=""></TD>
  <TD STYLE="width: 50%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: right">104 Field Point Road</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: right">Second Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: right">Greenwich, CT 06830</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: right">P: 475.208.3178</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: right">F: 475.223.0865</P>

</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 351.35pt; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April 11, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Board of Directors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Theratechnologies Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2015 Peel Street, 11<SUP>th</SUP> Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Montr&eacute;al, Qu&eacute;bec, Canada</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">H3A 1T8</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attn: Frank Holler, Chairman of the Board</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Frank:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We noted this morning&rsquo;s announcement by Future Pak of their intention
to put forward an acquisition offer to Theratechnologies shareholders at a price of at least $3.51 per share, which represents a premium
of at least 163% to the closing price on April 10, 2025.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As we have stated in our prior letters from December 2022, November
2023 and October 2024, we believe that an acquisition of Theratechnologies is in the best interest of Theratechnologies shareholders,
as significantly more value can be realized from the Company&rsquo;s assets as part of a larger commercial entity than could be realized
by Theratechnologies as a standalone company.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We were troubled to see that Future Pak had to resort to a public declaration
of their interest, as it signals to us that the management team was not constructively engaging with Future Pak in private. This follows
what we perceive to be a disturbing pattern of potential interested parties reaching out to Theratechnologies management in hopes of entering
into acquisition talks, only to be rebuffed by Theratechnologies management without any substantive engagement.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We view this continued behavior as unacceptable, and would note that
it is the fiduciary duty of management and the Board of Directors to diligently consider any such acquisition offer for the company. And
not engaging with such an offer would signal to us that the management team is entrenched and not operating with their fiduciary duties
to Theratechnologies shareholders in mind, but rather with a focus on their own personal interests.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We urge the company to engage with Future Pak to pursue this acquisition
offer, and present it to Theratechnologies shareholders for approval. Given the significant premium and all-cash nature of the offer,
we believe that significantly more value would accrue to shareholders in this scenario than as a standalone company or in an alternative
combination which prioritizes management job preservation over shareholder value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sincerely,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Guy Levy</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chief Investment Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Soleus Capital Management, L.P.</P>

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