Crown Laboratories and Revance Therapeutics merger builds biotech-based aesthetics and skin care portfolio

14 Aug 2024 --- Skin care innovator Crown Laboratories and biotech specialist Revance Therapeutics enter a merger agreement that will combine their skin care and aesthetics portfolios. 

Upon completion of the transaction, Crown Laboratories will integrate a portfolio of more than ten “cutting-edge” skin health and aesthetic brands, and one of the largest distribution footprints in skin care across medical, retail and e-commerce channels.

“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 US,” says Jeff Bedard, founder and CEO of Crown.

“This is a significant step forward in Crown’s vision to become a fully integrated global aesthetics and skin care company, bringing innovative solutions to physicians, patients and consumers in the incredibly dynamic aesthetics and skin care market.”

Terms of the deal
Under the terms of the deal, unanimously approved by Revance’s board of directors, Crown will commence a tender offer to acquire all outstanding shares of Revance’s common stock for US$6.66 per share in cash, representing a total enterprise value of US$924 million.

Crown Laboratories will integrate more than ten “cutting-edge” skin health and aesthetic brands into its portfolio (Image credit: Crown Laboratories).The purchase price represents a premium of 89% over Revance’s closing market price on August 9 and a 111% premium to Revance’s 60-day volume-weighted average price.

“Revance has an impressive track record in developing innovative aesthetics offerings that will complement Crown’s innovative line of skin care products.”

“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,” comments Mark Foley, president and CEO of Revance.

“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 organizations.”

Transaction details
The transaction is expected to close by the end of this year. Following completion of the merger, Revance will be wholly owned by Crown and Revance’s stock will no longer be publicly traded on Nasdaq.

The transaction is subject to stockholders validly tendering shares representing at least a majority of the voting power of Revance, required regulatory approvals and other customary closing conditions. 

In other biotech sector news, Personal Care Insights sat down with Dr. Jelena Šuran, CEO at Apiotix Technologies and Joshua Britton, the founder and CEO at Debut, on latest advances in cosmetic biotechnologies.

By Benjamin Ferrer