Crown Laboratories to Acquire Revance Therapeutics

Global skincare company Crown Laboratories and biotechnology company Revance Therapeutics have announced their intention to merge.

According to the proposed agreement, which has received unanimous approval from Revance’s Board of Directors, Crown will initiate a tender offer to acquire all outstanding shares of Revance at a price of $6.66 per share in cash. This offer values Revance at approximately $924 million, representing a premium of 89% over its closing market price as of 9 August 2024 and 111% over its 60-day volume-weighted average price.

Crown Laboratories, established in 2000, is a global leader in skincare, known for developing a diverse range of aesthetic and therapeutic products. The company’s portfolio includes well-known brands such as SkinPen, PanOxyl, and StriVectin.

“This is a significant step forward in Crown’s vision to become a fully integrated global aesthetics and skincare company,” commented 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.”

Founded in 2002, Revance Therapeutics is a biotechnology company specialising in the development of aesthetic and therapeutic products, including DAXXIFY, an injectable toxin, and the RHA Collection, a series of dermal fillers.

“Over the past several years, Revance has brought to the market innovative aesthetic and therapeutic offerings that have elevated patient and physician experiences,” said Mark J. Foley, President and Chief Executive Officer of Revance. “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.”

The merger is anticipated to close by the end of the year. Once finalised, Revance will become a wholly owned subsidiary of Crown, and its shares will no longer be traded publicly on the Nasdaq.

Following the completion of the transaction, Crown Laboratories is expected to emerge as one of the leading global aesthetics and skincare companies, with a portfolio of over 10 cutting-edge skin health and aesthetic brands and one of the most extensive distribution networks in skincare across medical, retail, and e-commerce channels.

This news comes just a week after L’Oréal announced its plans to acquire a 10% stake in Galderma, whose portfolio includes the hyaluronic acid filler Restylane, the anti-wrinkle injection Azzalure, and the sensitive skincare brand Cetaphil.