Mr. Philippe Dubuc reports

THERATECHNOLOGIES ANNOUNCES PROPOSED PUBLIC OFFERING OF COMMON SHARES AND CONCURRENT PRIVATE PLACEMENT

Theratechnologies Inc. has launched a marketed public offering of common shares of the company. The company intends to grant the underwriter a 30-day option to purchase up to an additional 15 per cent of the number of common shares to be sold pursuant to the public offering.

In connection with the public offering, the company intends to enter into a subscription agreement with Investissement Quebec for a concurrent private placement of common shares (and common share equivalents in the form of prefinanced, non-voting subscription receipts, exchangeable into common shares on a one-for-one basis in lieu of common shares), for up to $12.5-million (U.S.) aggregate gross proceeds. As part of the concurrent private placement, it is expected that Investissement Quebec will be granted rights to nominate one director to the company's board of directors. The consummation of the concurrent private placement will be contingent upon the closing of the public offering.

Cantor Fitzgerald & Co. is acting as the underwriter for the public offering.

A preliminary prospectus supplement to the company's short form base shelf prospectus dated Dec. 14, 2021, was filed with the securities regulatory authorities in each of the provinces of Canada, as well as with the U.S. Securities and Exchange Commission as part of its registration statement on Form F-10 under the U.S.-Canada multijurisdictional disclosure system. The public offering will be made in Canada only pursuant to the prospectus supplement and base shelf prospectus and in the United States only pursuant to the registration statement, containing the prospectus supplement and the base shelf prospectus, filed with the SEC under the MJDS. Copies of the prospectus supplement and the base shelf prospectus are available on SEDAR+ and on EDGAR, and a copy of the registration statement is available on EDGAR. Copies may also be obtained from Cantor Fitzgerald, attention: capital markets, 110 East 59th St., sixth floor, New York, N.Y., 10022, or by e-mail at prospectus@cantor.com.

Completion of the public offering and the concurrent private placement will be subject to customary closing conditions, including the listing of the common shares and the common shares underlying the exchangeable subscription receipts on the Toronto Stock Exchange and the submission of notice to the Nasdaq Global Market.

Prospective investors should read the prospectus supplement, base shelf prospectus and registration statement before making an investment decision.

About Theratechnologies Inc.

Theratechnologies (Nasdaq: THTX) (Toronto Stock Exchange: TH) is a biopharmaceutical company focused on the development and commercialization of innovative therapies addressing unmet medical needs.

We seek Safe Harbor.