Crown Laboratories, Inc. and Revance Therapeutics, Inc. are set to merge into a single enterprise valued $924 million. The move unites skin care and aesthetics expertise, bringing together brands such as Daxxify (toxin), the RHA Collection (filler), SkinPen (microneedling), PanOxyl (acne), Blue Lizard (sunscreen) and StriVectin (anti-aging). Here's what the deal could mean for the companies.
- Report: Beauty's War on Skin Senesence
The merger will be executed by Crown acquiring all outstanding shares of Revance's common stock for $6.66 per share in cash. Revance will then be wholly owned by Crown and Revance's stock will no longer be publicly traded on Nasdaq.
The combined organization will reportedly have a reach of about 10,000 medical professionals, mass retailers, specialty retailers, club retailers and an ecommerce channel.
Furthermore, Crown and Revance will be able to innovate across the organizations for new product development leveraging an integrated manufacturing operation.
"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," said Jeff Bedard, founder and CEO of Crown. "Revance has an impressive track record in developing innovative aesthetics offerings that will complement Crown's innovative line of skin care 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 CEO of Revance, said, "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 organizations."
