Crown Laboratories, a privately held global skincare company, has entered into an agreement to acquire biotechnology company Revance Therapeutics.
As agreed, Crown will buy all outstanding shares of Revance’s common stock for $6.66 per share in cash providing the deal with a total enterprise value of $924m.
As a biotechnology company, Revance focuses on providing aesthetic and therapeutic offerings. The US-based company’s portfolio includes DAXXIFY (DaxibotulinumtoxinA-lanm) for injection and the RHA Collection of dermal fillers.
The acquisition is aligned with Crown’s goal to become a leading global aesthetics and skincare company. Following the completion, it is expected to have one of the largest distribution footprints in skincare across medical, retail and e-commerce channels.
Crown founder and CEO Jeff Bedard said: “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.
“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 US.”
The deal is expected to close by the end of this year, subject to regulatory approvals and other customary closing conditions.
The Revance’s Board of Directors also recommended that the company’s stockholders tender their shares in the offer.
Revance president and CEO Mark J. Foley said: “We are excited about this transaction and to be joining forces with Crown Laboratories, which will enable us to broaden our provider network as well as provide us with an expanded portfolio of products.
“We also believe that the merger provides substantial value for our stockholders.”
