Crown Laboratories, Revance Therapeutics announce merger agreement
The transaction is expected to close by year end. Following completion of the merger, Revance will be wholly owned by Crown.
Crown Laboratories Inc., a privately held, global innovative leader in the skincare industry based in Johnson City, and Revance Therapeutics Inc., a Nashville-headquartered biotechnology company aimed at setting the new standard in healthcare with innovative aesthetic and therapeutic offerings, announced on Monday that they have entered into a merger agreement pursuant to which the companies seek to merge the two complementary businesses.
Under the terms of the agreement, which has been unanimously approved by Revance’s Board of Directors, Crown will initiate a tender offer to acquire all outstanding shares of Revance’s common stock for $6.66 per share in cash, representing a total enterprise value of $924 million. The purchase price represents a premium of 89 percent over Revance’s closing market price on August 9, and a 111 percent premium to Revance’s 60-day volume-weighted average price.
“This is a significant step forward in Crown’s vision to become a fully integrated global aesthetics and skincare company, bringing innovative solutions to physicians, patients and consumers in the incredibly dynamic aesthetics and skincare market,” said Jeff Bedard, Founder and Chief Executive Officer of Crown. “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, and we will be committed to investing in education, training, and practice support for aesthetics providers across the United States.”
Upon completion of the transaction, Crown Laboratories expects to be one of the leading global aesthetics and skincare companies in an attractive, high-growth market, with an industry-leading portfolio of 10+ cutting-edge skin health and aesthetic brands, and one of the largest distribution footprints in skincare across medical, retail and e-commerce channels.
The transaction is expected to close by year end. Following completion of the merger, Revance will be wholly owned by Crown, and Revance’s stock will no longer be publicly traded on Nasdaq.
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