Botox Rival Revance to Go Private in $924 Million Deal
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 >>