Crown Laboratories To Acquire Revance Therapeutics in $924 Million Merger Deal

Crown Laboratories, Inc. and Revance Therapeutics, Inc. have entered into a merger agreement in a deal valued at $924 million.

Revance, based in Nashville, TN, is a biotech company focused on aesthetic and therapeutic offerings. The Nasdaq-traded company’s portfolio includes Daxxify (DaxibotulinumtoxinA-lanm), an FDA -pproved injectable peptide formulated neuromodulator that competes with Botox, and the RHA Collection, an FDA approved hyaluronic acid filler line.

Crown will acquire all outstanding shares of Revance’s common stock for $6.66 per share in cash, representing a total enterprise value of $924 million.

Crown is No. 39 in Happi’s 2024 Top 50 Report.

“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 CEO 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—plus skin health and aesthetic brands, and one of the largest distribution footprints in skincare across medical, retail and e-commerce channels.

“Over the past several years, Revance has brought to the market innovative aesthetic and therapeutic offerings that have elevated patient and physician experiences. 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. Crown shares our commitment to innovation and scale and will help us accelerate our growth. Scale and product breadth are important factors in the markets in which we compete and, by combining with Crown, we will be able to offer our customers a more compelling range of products and services while, at the same time, benefiting from the combined strength of our collective commercial organizations,” said Mark J. Foley, president and CEO of Revance.

Last year, Revance’s total revenue was $234.0 million, a 77% increase, which it said stemmed from increased sales of the RHA Collection and Daxxify.

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.