Welcome to our dedicated page for Revance Therapeutics news (Ticker: RVNC), a resource for investors and traders seeking the latest updates and insights on Revance Therapeutics stock.
Revance Therapeutics, Inc. (symbol: RVNC) is a specialty biopharmaceutical company dedicated to the development, manufacturing, and commercialization of innovative botulinum toxin products for various aesthetic and therapeutic uses. Leveraging its proprietary portfolio of botulinum toxin compounds and the patented TransMTS® peptide delivery system, Revance aims to address unmet needs in the $3 billion neurotoxin market.
The company’s unique TransMTS technology allows for the delivery of botulinum toxin A in two distinctive formulations: a needle-free topical form and an injectable form that targets the site of injection for a potentially longer-lasting effect. Revance is actively pursuing clinical development for two main product candidates: Topical RT001 and Injectable RT002. RT001 is a topical gel with the potential to become the first commercially available non-injectable botulinum toxin dose form.
Additionally, Revance has launched a prestige aesthetics portfolio, which includes the RHA Collection of dermal fillers and the HintMD platform. Their primary products, DaxibotulinumtoxinA for Injection and DaxibotulinumtoxinA for Injection Aesthetics, are central to their aesthetic and therapeutic offerings.
Revance operates through two main business segments: Product and Service. The Products segment, which generates the majority of the company’s revenue, focuses on the research and development of aesthetic and therapeutic products. Recent achievements and ongoing developments reflect the company’s commitment to advancing the field of neuromodulation.
Crown Laboratories and Revance Therapeutics (NASDAQ: RVNC) have amended their merger agreement, increasing the offer price to $3.65 per share, representing a $0.55 (17%) increase from the previous offer. The improved offer has been unanimously approved by Revance's Board of Directors.
Crown will extend its tender offer for all outstanding Revance shares until February 4, 2025. The transaction, which is the only fully-financed offer available to Revance stockholders, requires the tender of more than 50% of shares and is expected to close by February 6, 2025, with an outside termination date of February 7, 2025.
As of January 17, 2025, approximately 6,322,768 shares (6.025% of outstanding shares) have been validly tendered. Previously tendered shares do not need to be re-tendered.
Crown Laboratories has announced an extension of its cash tender offer to acquire Revance Therapeutics (RVNC) at $3.10 per share. The tender offer expiration has been extended from January 13, 2025, to January 28, 2025, at Revance's request. As of January 10, 2025, approximately 4,167,526 shares (3.97% of outstanding shares) have been validly tendered.
The proposed acquisition is expected to close in Q1 2025, subject to customary conditions, including the tender of at least a majority of outstanding shares. Previously tendered shares do not require re-tendering. Crown is a privately held global skincare company with distribution in over 50 countries, focusing on aesthetic, premium, and therapeutic skincare products.
Teoxane SA has submitted a proposal to acquire Revance Therapeutics (RVNC) for $3.60 per share in cash, representing a 16% premium over the $3.10 per share price in Revance's amended merger agreement with Crown Laboratories. Teoxane currently owns 6.2% of Revance's outstanding shares.
The company is prepared for a prompt transaction, requiring only due diligence due to their existing commercial relationship, where Teoxane's products contribute significantly to Revance's revenue through their Distribution Agreement. Teoxane anticipates minimal regulatory risks as their U.S. sales are already conducted through Revance's platform.
Teoxane, described as highly profitable with substantial cash reserves, is working with financial advisors to secure committed financing. The company commits to obtaining fully underwritten, binding commitment letters before signing a definitive agreement, with no financing contingency.
Crown Laboratories has initiated a cash tender offer to acquire all outstanding shares of Revance Therapeutics (Nasdaq: RVNC) at $3.10 per share, as per the Amended and Restated Merger Agreement dated December 7, 2024. The Revance Board unanimously recommends stockholders tender their shares, citing the offer's immediate liquidity and certainty of value. This recommendation follows a comprehensive review of strategic alternatives and market dynamics. The tender offer is set to expire at 11:59 p.m. Eastern Time on January 13, 2025, unless extended. The completion of the offer is subject to customary conditions, including the tender of a majority of Revance's voting shares. Post-tender, Crown plans a second-step merger to acquire remaining shares at the same price. Detailed terms are available on the SEC's website.
Crown Laboratories and Revance Therapeutics (NASDAQ: RVNC) have announced an amended merger agreement where Crown will acquire all outstanding Revance shares for $3.10 per share in cash through a tender offer. The amendment comes after several developments, including Revance's settlement with Teoxane regarding distribution agreements and revised brand guidelines, which are expected to materially impact Revance's future profitability.
The transaction is anticipated to close in Q1 2025, subject to stockholders tendering shares representing at least a majority of Revance's voting power. Post-merger, Revance will become wholly owned by Crown and will be delisted from Nasdaq. The tender offer is expected to commence on December 12, 2024, with Revance's Board unanimously recommending stockholders to tender their shares.
Revance provided a corporate update and reported its third quarter 2024 financial results. Key highlights include:
Merger Agreement: Revance and Crown Laboratories entered into a merger agreement, with Crown offering $6.66 per share for all outstanding Revance shares. The tender offer deadline was extended to November 12, 2024.
Distribution Agreements: Revance amended its agreement with Teoxane for U.S. distribution of RHA® dermal fillers and signed a new exclusive agreement for DAXXIFY® distribution in Australia and New Zealand.
China Approval: DAXXIFY was approved in China for improving glabellar lines.
Financials: Q3 2024 net revenue was $59.9 million, up 11% from Q3 2023. However, the company reported a net loss of $38.1 million. SG&A expenses decreased to $62.6 million, and R&D expenses were $11.4 million.
Guidance Withdrawn: Revance withdrew its 2024 financial guidance and will not hold a conference call for Q3 results.
Crown Laboratories and Revance Therapeutics (NASDAQ: RVNC) have announced a merger agreement, with Crown offering to acquire all outstanding Revance shares for $6.66 per share in cash. This represents a total enterprise value of $924 million and a 89% premium over Revance's closing price on August 9, 2024. The merger aims to create a leading, innovative aesthetics and skincare company, combining Crown's skincare products with Revance's aesthetics offerings.
The combined company will feature flagship brands including DAXXIFY®, RHA® Collection, SkinPen®, PanOxyl®, Blue Lizard®, and StriVectin®. It will have global commercialization capabilities, covering over 10,000 medical professionals and various retail channels. The transaction is expected to close by year-end, subject to stockholder approval and regulatory clearances.
Revance Therapeutics (NASDAQ: RVNC) reported Q2 2024 financial results with total product revenue of $65.3 million, up 20% YoY. DAXXIFY net revenue reached $28.7 million, a 27% YoY increase, with aesthetic units sold up 65% YoY. The RHA Collection generated $36.6 million, up 15% YoY. Revance launched DAXXIFY for cervical dystonia, entering the $2.7 billion U.S. therapeutic neurotoxin market. The company maintains its 2024 total net product revenue guidance of at least $280 million. Q2 net loss from continuing operations was $37.5 million, an improvement from $58.2 million in Q2 2023. Cash, cash equivalents, and short-term investments stood at $232.2 million as of June 30, 2024. Revance projects reaching cash flow break-even and positive Adjusted EBITDA in 2025.
Revance Therapeutics (NASDAQ: RVNC) will release its second quarter 2024 financial results on Thursday, August 8, 2024, after market close. A conference call and live webcast will follow at 1:30 p.m. PT / 4:30 p.m. ET to discuss the results and provide a corporate update.
U.S. callers can dial (833) 470-1428, while international callers can dial (929) 526-1599, using conference ID 218406. The webcast will be accessible through the investor relations section of Revance's website and will be available for replay from August 8, 2024, at 4:30 p.m. PT / 7:30 p.m. ET to November 8, 2024, at 4:30 p.m. PT / 7:30 p.m. ET. Registration for the replay is required via the webcast link on the events page. The webcast will remain available for 90 days post-event.
Revance Therapeutics (Nasdaq: RVNC) has announced the issuance of 104,800 inducement restricted stock units (RSUs) to 31 new employees. These RSUs will vest over a period of four years, with 25% vesting annually. The grants were approved by Revance's Compensation Committee as an inducement material to the new hires' employment, in compliance with NASDAQ Listing Rule 5635(c)(4).
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