==Revance Therapeutics (RVNC) to be acquired by Crown Laboratories

Revance Therapeutics and Crown Laboratories enter into a merger agreement; 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 $924million

• Combination provides opportunity to create a leading, innovative, high-growth aesthetics and skincare company Brings together two high-quality, complementary product lines.
• Combined company's flagship brands to include DAXXIFY (toxin), the RHACollection (filler),SkinPen (microneedling), PanOxyl (acne), Blue Lizard (sunscreen), and StriVectin (anti-aging).
• Opportunity for global commercialization capabilities with coverage of >10,000 medicalprofessionals, mass retailers, specialty retailers, club retailers, and an ecommerce channel.
• New product flow potential through internal product development and an integratedmanufacturing operation.
• Experienced leadership team that leverages the strength of both organizations.

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Update:

Acquisition by Crown Laboratories: In early February 2025, Crown Laboratories completed its acquisition of Revance Therapeutics. The acquisition was part of a tender offer that concluded with Revance being bought out at $3.10 per share, significantly lower than the initial offer of $6.66 per share announced back in August 2024. This deal followed multiple amendments and extensions of the tender offer period, influenced by competing bids and legal disputes.

Legal Challenges: Revance Therapeutics has faced multiple securities class action lawsuits. The allegations center around the company failing to disclose that it was in material breach of its distribution agreement with Teoxane, which led to increased risks of litigation, monetary, and reputational damage. This situation contributed to the delay and uncertainty around the tender offer.

Competing Offers: There was also a competing offer from Teoxane, a strategic partner, at $3.60 per share, which complicated the merger process with Crown Labs. The situation involved negotiations and adjustments to the terms of the acquisition due to these competing interests.