Crown Laboratories Initiates Tender Offer for Revance Therapeutics Shares at $3.10 Each

Crown Laboratories Initiates Tender Offer for Revance Therapeutics

Crown Laboratories, Inc., renowned for its innovative contributions in the skincare sector, has taken a significant step towards expansion by initiating a cash tender offer for all outstanding common shares of Revance Therapeutics, Inc. The offer is priced at $3.10 per share. This strategic move is connected to the Amended and Restated Merger Agreement signed on December 7, 2024.

Crown’s CEO, Jeff Bedard, expressed optimism regarding this venture, highlighting the support of Revance's Board of Directors, who unanimously endorse the offer and recommend that shareholders tender their shares. Bedard emphasized that this transaction offers Revance shareholders immediate liquidity and certainty of value, making it a beneficial proposition for all parties involved.

Understanding the Offer

The decision by Revance's Board was grounded in an extensive review of various strategic options. With the aesthetic injectable market undergoing significant shifts, the board considered important factors, including potential risks linked to Revance's financial obligations and close approaching debt maturities. Ultimately, they perceived the $3.10 cash proposal as the most secure course for shareholders, especially against the backdrop of possible risks associated with the company's independent strategy.

The tender offer was formally filed with the U.S. Securities and Exchange Commission (SEC) on December 12, 2024, as indicated by the Schedule TO statement. This document not only details the purchase intent but also outlines the terms, conditions, and the meticulous timeline for the offer, which is expected to conclude at 11:59 PM ET on January 13, 2025. The proposal is set to be executed under typical terms, necessitating the acceptance of shares that reflect a majority of Revance's voting power.

After the successful completion of this tender process, Crown plans to acquire any shares of Revance that remain untouched through a supplementary merger at the same payment terms as the tender offer.

About Crown Laboratories

Crown Laboratories is committed to providing comprehensive and innovative skincare solutions. Focused primarily on dermatology and aesthetic products, the company has expanded its reach to over 50 countries worldwide. Its dedication to delivering high-quality, science-based skincare products is a testament to its leadership position in the industry.

Recognized as one of the Inc. 5000 Fastest Growing Privately Held Companies for eleven consecutive years, Crown continues to innovate and enhance its product range to meet consumer needs. The company’s notable brands include PanOxyl and Blue Lizard, along with advanced treatments like SkinPen and StriVectin.

As Crown embarks on this new acquisition journey, stakeholders in both companies are watching closely to see how this merger will reshape the market landscape and enhance value for consumers and investors alike.

Conclusion

This tender offer marks a pivotal moment for both Crown Laboratories and Revance Therapeutics as they seek to solidify their positions within the competitive skincare market. With a focus on liquidity and value for shareholders, Crown's proactive steps hint at promising developments in the near future, reflecting its ongoing commitment to advancing skincare solutions across the globe.