Crown Laboratories, Inc., a portfolio company of New York City-based private equity firm Hildred Capital Partners LLC, announced that it entered into an agreement to acquire Revance Therapeutics, Inc.
Crown will commence a tender offer to acquire all outstanding shares of Revance’s common stock for $6.66 per share in cash, representing a total enterprise value of $924 million. The purchase price represents a premium of 89% over Revance’s closing market price on August 9, 2024, and a 111% premium to Revance’s 60-day volume-weighted average price.
Revance Therapeutics, Inc. is a biotechnology company based in Nashville, Tennessee. Revance’s portfolio includes DAXXIFY (DaxibotulinumtoxinA-lanm) for injection and the RHA Collection of dermal fillers.
Crown Laboratories is a fully integrated specialty pharmaceutical company focused on dermatology. The company is based in Johnson City, Tennessee.
Upon completion of the transaction, Crown Laboratories expects to be one of the leading global aesthetics and skincare companies in an attractive, high-growth market. It has an industry-leading portfolio of more than 10 cutting-edge skin health and aesthetic brands and one of the largest distribution footprints in skincare across medical, retail and e-commerce channels.
Centerview Partners LLC is serving as the exclusive financial advisor for Revance. Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal advisor for Revance. PJT Partners is serving as financial advisor to Crown and Kirkland & Ellis LLP and Lowenstein Sandler LLP are serving as legal advisors.
According to data captured in the LevinPro HC database, this acquisition represents the 95th Biotechnology transaction of the year. This is also Crown’s second acquisition of the year; in July the company purchased assets from Healeon LLC for an undisclosed price.
