Exhibit 99.1
Theratechnologies Announces Closing of US$25 Million Public Offering of
Common Shares and Concurrent Private Placement
This news release constitutes a designated news release for the purposes of the Companys prospectus supplement dated
December 16, 2021 to its short form base shelf prospectus dated December 14, 2021.
Montreal, Quebec, October 31, 2023
Theratechnologies Inc. (Theratechnologies or the Company) (Nasdaq: THTX; TSX: TH), a biopharmaceutical company focused on the development and commercialization of innovative therapies, today announced that it has
closed its previously announced public offering (the Public Offering) of 12,500,000 common shares of the Company (the Common Shares) at a public offering price of US$1.00 per Common Share (the Offering Price). The
gross proceeds of the Public Offering are US$12,500,000, before deducting the underwriting discounts and commissions and other estimated offering expenses. Pursuant to the underwriting agreement dated October 25, 2023, the Company has also
granted the underwriter a 30-day option (the Option) to purchase up to 1,875,000 Common Shares at the Offering Price, less underwriting discounts and commissions.
Cantor Fitzgerald & Co. acted as sole bookrunner for the Public Offering.
In connection with the Public Offering, the Company has also closed its concurrent private placement with Investissement Québec (the Concurrent
Private Placement) of 9,118,184 Common Shares and 3,381,816 fully-funded, non-voting subscription receipts, exchangeable into Common Shares on a one-for-one basis (the Exchangeable Subscription Receipts) in lieu of Common Shares, in each case, at the Offering Price, for US$12,500,000 aggregate gross proceeds, less a capital commitment fee
of 1.5% payable to Investissement Québec and Investissement Québecs legal fees. The component of the Concurrent Private Placement in the form of Exchangeable Subscription Receipts is designed to ensure that, following completion
of the Public Offering and the Concurrent Private Placement, Investissement Québec does not have beneficial ownership or control over more than 19.9% of the issued and outstanding Common Shares and therefore is not a control
person within applicable Canadian securities laws. All securities issued in connection with the Concurrent Private Placement are subject to a four-month hold period from the closing date under applicable Canadian securities laws, in addition
to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada.
The Company also entered into an investor
rights agreement, pursuant to which Investissement Québec will be entitled to nominate one director to the Companys board of directors for as long as it holds 50% of the Common Shares purchased pursuant to the Concurrent Private
Placement. Copies of the subscription agreement, the exchangeable receipt agreement setting forth the terms and conditions of the Exchangeable Subscription Receipts and the investor rights agreement, when available, will be filed on SEDAR+ at
www.sedarplus.ca. Summaries of the subscription agreement and the exchangeable receipt agreement and a copy of the investor rights agreement, when available, will be filed on EDGAR at www.sec.gov.