Crown Laboratories Acquires Revance Therapeutics for $924 Million in Cash

Wrinkle-reducing injection manufacturer Revance Therapeutics Inc. (RVNC) entered a merger agreement on August 12, 2024, to be taken private by privately held Crown Laboratories, Inc. in a deal valued at $924 million, including debt.

Deal Structure:

Under the terms of the agreement, Crown will commence a tender offer to acquire all outstanding shares of Revance’s common stock for $6.66 per share in cash, representing a premium of 88.67% from the stock’s last close.

Company Profile:

Revance Therapeutics is a biotech company that makes treatments for improving the appearance and relieving medical conditions, including the Daxxify injection and RHA dermal fillers. Crown Laboratories is a global skincare company known for creating products that improve skin health and quality of life, with a presence in over 50 countries.

Revance produces Daxxify, a competitor to AbbVie’s (ABBV) widely used anti-wrinkle injection Botox, while Crown, based in Tennessee, offers a range of skincare and aesthetic products, including the microneedling device SkinPen and the anti-aging cream StriVectin.

Deal Details and Timeline:

The merger would enable the companies to leverage a network of over 10,000 medical professionals, retailers, and an e-commerce platform. Revance announced last week that it had over 7,500 customer accounts by the end of the second quarter.

The transaction is anticipated to close by year-end, after which Revance’s stock will no longer be publicly traded on Nasdaq.

Revance’s current EV/Sales (TTM) ratio is 2.51, below the sector median of 3.69.

Deal Metrics:

For a comprehensive understanding of this M&A transaction, refer to the Deal Metrics page here:

Deal Metrics for the acquisition of Revance Therapeutics Inc. (RVNC) by Crown Laboratories, Inc.

The Deal Metrics page for each merger or acquisition includes:

• A spread history chart of the merger from announcement through eventual completion or failure.
• Every event as the merger progresses through the expiration of the HSR period, various regulatory approvals, shareholder votes, etc.
• News and SEC filings.
• A history of deal updates.
• And a whole lot more.

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Editor’s Note: Baranjot Kaur contributed to this article