Revance Therapeutics, Inc. - RVNC STOCK NEWS

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Guidance Withdrawn: Revance withdrew its 2024 financial guidance and will not hold a conference call for Q3 results.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).

Revance Therapeutics (NASDAQ: RVNC) announced its participation in two upcoming investor conferences. CFO Tobin Schilke will present at the William Blair 44th Annual Growth Stock Conference on June 4, 2024, in Chicago. CEO Mark J. Foley will speak at the Goldman Sachs 45th Annual Global Healthcare Conference on June 11, 2024, in Miami. Live audio webcasts will be accessible via Revance's Investor Relations webpage, with replays available for 90 days post-event.

Revance Therapeutics, Inc. (NASDAQ: RVNC) reported total net product revenue of $51.7 million, with a YoY increase of 13%. DAXXIFY® net revenue was $22.1 million, and RHA® Collection net revenue was $29.6 million. Aesthetic units sold increased by 105% YoY despite seasonality. Revance expects total net product revenue for 2024 to be at least $280 million. Cash, cash equivalents, and short-term investments were $277.1 million as of March 31, 2024.

Revance Therapeutics, Inc. (NASDAQ: RVNC) has launched DAXXIFY for the treatment of cervical dystonia, a long-lasting neurotoxin. The product has secured coverage for 78% of commercial lives, marking the company's entry into the $2.7 billion U.S. therapeutic neurotoxin market. With FDA approval in August 2023, Revance aims to address the unmet needs of patients, physicians, and payers by providing a differentiated treatment option.