Crown Laboratories to buy Botox rival Revance Therapeutics for $924M
Crown Laboratories to buy Botox rival Revance Therapeutics for $924M
Revance Therapeutics on Monday agreed to be acquired by skin science specialist Crown Laboratories, which will pay $924 million for the Tennessee-based biotech and its portfolio of aesthetic products.
Under the agreement, the privately held Crown will snap up all of Revance’s outstanding shares for $6.66 apiece, which represents an 89% premium over the biotech’s closing price on Friday. The purchase price is also a 111% premium to Revance’s 60-day volume-weighted average price.
The companies expect to close the transaction by the end of the year, pending regulatory and antitrust clearance as well as other customary closing conditions. The acquisition is also subject to Revance stockholders tendering their shares representing at least a majority of the voting power in the biotech. Revance’s board of directors has unanimously approved the acquisition and recommends that stockholders tender their shares.
Revance CEO Mark Foley in a statement said that the company is “excited” about the acquisition, which will allow Revance “to broaden our provider network as well as provide us with an expanded portfolio of products.”
“Scale and product breadth are important factors in the markets in which we compete and, by combining with Crown, we will be able to offer our customers a more compelling range of products and services,” Foley said. Once the deal has been consummated, Revance will be fully integrated into Crown and will cease trading on Nasdaq.
Monday’s acquisiton agreement will combine two complementary companies in the aesthetic space. Revance markets Daxxify (daxibotulinumtoxinA-lanm), a main competitor to AbbVie’s Botox (botulinum toxin).
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