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Botox Rival Revance to Go Private in $924 Million Deal

August 13, 2024
Crown Aesthetics

Anti-wrinkle injection maker Revance Therapeutics has agreed to be bought by privately held Crown Laboratories in a deal valued at $924 million, including debt, seeking scale to compete better with rivals in the aesthetic products market.

Revance manufactures Daxxify, which competes with AbbVie’s Botox, while Tennessee-based Crown makes various skincare and aesthetics products like SkinPen for microneedling and anti-aging cream StriVectin.

Crown said on Monday it had offered $6.66 per Revance share held, a nearly 89% premium to the stock’s last close. Shares of Revance surged 86% in morning trading.

The merger would help tap into a network of more than 10,000 medical professionals, retailers and an ecommerce channel, while also having an integrated manufacturing operation, the companies said.

Read more at Reuters >>

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