PanOxyl product line for acne-prone skin Credits: Crown Laboratories
Skincare company Crown Laboratories has entered a merger agreement with biotechnology company Revance Therapeutics to set a new standard in healthcare with innovative aesthetic and therapeutic offerings.
The merger would see the creation of “an innovative, high-growth aesthetics and skincare company,” featuring a portfolio of more than 10 brands, including Daxxify (toxin), the RHA Collection (filler), SkinPen (microneedling), PanOxyl (acne), Blue Lizard (sunscreen), and StriVectin (anti-ageing).
Under the terms of the agreement, Crown Laboratories will acquire all outstanding shares of Revance's common stock for 6.66 US dollars per share in cash, representing a total enterprise value of 924 million US dollars.
The purchase price represents a premium of 89 percent over Revance's closing market price on August 9 and a 111 percent premium to Revance's 60-day volume-weighted average price. The transaction is expected to close by year-end.
Jeff Bedard, founder and chief executive officer of Crown Laboratories, said in a statement: "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.
"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."
Mark J. Foley, president and chief executive officer of Revance, added: "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 organisations."
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