- Crown Laboratories is set to acquire Revance Therapeutics in a $924 million deal, making Revance a wholly owned subsidiary.
- The transaction values Revance’s stock at $6.66 per share, an 89% premium over the August 9, 2024, market price.
Crown Laboratories Inc., a privately held skincare company, has entered into a merger agreement with Revance Therapeutics, Inc., a biotechnology firm known for its aesthetic and therapeutic products. Under the terms of the agreement, Crown will acquire all outstanding shares of Revance’s common stock for $6.66 per share in cash, valuing the deal at $924 million. This purchase price represents an 89% premium over Revance’s closing market price on August 9, 2024, and a 111% premium to its 60-day volume-weighted average price.
The merger, which has been unanimously approved by Revance’s Board of Directors, will result in Revance becoming a wholly owned subsidiary of Crown. Following the completion of the transaction, Revance’s stock will no longer be publicly traded on Nasdaq. The deal is expected to close by the end of the year.
Commenting on the merger, Jeff Bedard, founder and CEO of Crown Laboratories, stated, “This is a significant step forward in Crown’s vision to become a fully integrated global aesthetics and skincare company. Revance has an impressive track record in developing innovative aesthetics offerings that will complement Crown’s innovative line of skincare products. As a combined company, we have the opportunity to create a comprehensive portfolio of high-growth products for all stages of life.”
Mark J. Foley, President and CEO of Revance, added, “We are excited about this transaction and to be joining forces with Crown Laboratories, which will enable us to broaden our provider network and expand our portfolio of products. The merger provides substantial value for our stockholders and allows us to accelerate our growth.”
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