Revance Therapeutics, Inc. (RVNC) announced on Monday its entrance into a merger agreement with Crown Laboratories, Inc. Under the terms of the agreement, Crown Laboratories will acquire all outstanding shares of Revance's common stock at a price of $6.66 per share in cash. This deal establishes a total enterprise value of $924 million, reflecting an 89% premium over Revance's closing price on August 9, 2024. Following the announcement, Revance's stock saw an 85% increase in pre-market trading.
The merger aims to create a leading and innovative company in the aesthetics and skincare industry by combining Crown's skincare products with Revance's aesthetic solutions.
Upon completion of the merger, Revance will become a wholly owned subsidiary of Crown Laboratories, and its stock will no longer be publicly traded on the Nasdaq.
The transaction is expected to conclude by the end of the year, subject to stockholder approval and requisite regulatory clearances.
In pre-market trading on the Nasdaq, Revance's shares are currently priced at $6.58, marking an 85.40% increase.
