Crown Laboratories to merge with Revance Therapeutics
Crown Laboratories, Inc. a privately held, global innovative leader in the skincare industry, and Revance Therapeutics, Inc. , a biotechnology company aimed at setting the new standard in healthcare with innovative aesthetic and therapeutic offerings, announced that they have entered into a merger agreement pursuant to which the companies seek to merge the two complementary organizations.
Under the terms of the agreement, which has been unanimously approved by Revance's Board of Directors, 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 total enterprise value of $924 million. The purchase price represents a premium of 89% over Revance's closing market price on August 9, 2024, and a 111% 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.
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