monsitj/iStock via Getty Images Revance Therapeutics ( NASDAQ: RVNC ) shares jumped over 85% after skincare company Crown Laboratories agreed to commence a tender offer to buy all outstanding shares of Revance’s common stock for $6.66 a share in cash, representing an enterprise value of $924M. The purchase price represents a premium of 89% over Revance’s ( RVNC ) closing market price on Aug.
9, 2024. Upon completion of the merger, Revance ( RVNC ) will be wholly owned by Crown and its stock will no longer be publicly traded on Nasdaq. The transaction, expected to close by year-end, is subject to stockholders validly tendering shares representing at least a majority of the voting power of Revance ( RVNC ).
It has already been unanimously approved by Revance's board of directors. Following the successful closing of the tender offer, Crown will acquire any shares of Revance that are not tendered in the tender offer through a second-step merger for the same consideration as paid in the tender offer. The deal brings together two complementary product lines to create a high-growth aesthetics and skincare company.
Revance’s ( RVNC ) aesthetic and therapeutic offerings include DAXXIFY (DaxibotulinumtoxinA-lanm) for injection and the RHA Collection of dermal fillers. More on Revance Therapeutics Revance Therapeutics, Inc. (RVNC) Q2 2024 Earnings Call Transcript Revance Therapeutics: Problems Mounting Amid Legal And Financial Woes Seeking Alpha’s Quant Rating on Revance Therape.