Crown Laboratories and Revance Enter into Amended and Restated Merger Agreement
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.
Crown Laboratories e Revance Therapeutics (NASDAQ: RVNC) hanno annunciato un accordo di fusione modificato in cui Crown acquisirà tutte le azioni in circolazione di Revance per 3,10 dollari per azione in contante tramite un'offerta pubblica di acquisto. La modifica arriva dopo diversi sviluppi, tra cui la risoluzione di Revance con Teoxane riguardo agli accordi di distribuzione e le linee guida aggiornate per il marchio, che si prevede abbiano un impatto significativo sulla futura redditività di Revance.
La transazione dovrebbe concludersi nel primo trimestre del 2025, subordinatamente all'assegnazione da parte degli azionisti di azioni che rappresentano almeno la maggioranza del potere di voto di Revance. Dopo la fusione, Revance diventerà completamente di proprietà di Crown e sarà rimossa dalla lista Nasdaq. L'offerta pubblica di acquisto dovrebbe iniziare il 12 dicembre 2024, con il Consiglio di Revance che raccomanda all'unanimità agli azionisti di partecipare all'offerta.
Crown Laboratories y Revance Therapeutics (NASDAQ: RVNC) han anunciado un acuerdo de fusión modificado en el que Crown adquirirá todas las acciones en circulación de Revance por 3.10 dólares por acción en efectivo a través de una oferta pública de adquisición. La enmienda se produce después de varios desarrollos, incluidos el acuerdo de Revance con Teoxane sobre los contratos de distribución y las pautas de marca revisadas, que se espera que impacten de manera significativa la rentabilidad futura de Revance.
Se anticipa que la transacción se cierre en el primer trimestre de 2025, sujeto a que los accionistas ofrezcan acciones que representen al menos la mayoría del poder de voto de Revance. Después de la fusión, Revance será completamente propiedad de Crown y se eliminará de Nasdaq. Se espera que la oferta pública de adquisición comience el 12 de diciembre de 2024, con el Consejo de Revance recomendando unánimemente a los accionistas que ofrezcan sus acciones.
크라운 연구소와 레반스 치료제(NASDAQ: RVNC)는 크라운이 레반스의 모든 발행 주식을 주당 3.10달러에 현금으로 인수하는 개정된 합병 계약을 발표했습니다. 이 개정안은 레반스가 테오조인과의 유통 계약 및 수정된 브랜드 가이드라인에 대한 합의를 포함한 여러 가지 발전 이후에 이루어졌으며, 이는 레반스의 미래 수익성에 중대한 영향을 미칠 것으로 예상됩니다.
이번 거래는 2025년 1분기에 종료될 것으로 예상되며, 주주들이 레반스의 투표권의 과반수를 대표하는 주식을 제안하는 것을 조건으로 합니다. 합병 이후 레반스는 크라운의 완전 자회사로 전환되며 나스닥에서 상장 폐지됩니다. 주식 공개 제안은 2024년 12월 12일에 시작될 예정이며, 레반스 이사회는 주주들에게 주식을 제안할 것을 unanimously 권고하고 있습니다.
Crown Laboratories et Revance Therapeutics (NASDAQ: RVNC) ont annoncé un accord de fusion modifié selon lequel Crown acquerra toutes les actions en circulation de Revance pour 3,10 dollars par action en espèces par le biais d'une offre publique d'achat. Cette modification intervient après plusieurs développements, y compris le règlement de Revance avec Teoxane concernant les contrats de distribution et les directives de marque révisées, qui devraient avoir un impact significatif sur la rentabilité future de Revance.
La transaction devrait se conclure au 1er trimestre 2025, sous réserve que les actionnaires proposent des actions représentant au moins la majorité des droits de vote de Revance. Après la fusion, Revance sera entièrement détenue par Crown et sera retirée de Nasdaq. L'offre publique d'achat devrait commencer le 12 décembre 2024, le conseil d'administration de Revance recommandant à l'unanimité aux actionnaires de proposer leurs actions.
Crown Laboratories und Revance Therapeutics (NASDAQ: RVNC) haben eine geänderte Fusionsvereinbarung angekündigt, bei der Crown alle ausstehenden Aktien von Revance für 3,10 US-Dollar pro Aktie in bar durch ein öffentliches Übernahmeangebot erwerben wird. Die Änderung erfolgt nach mehreren Entwicklungen, einschließlich der Einigung von Revance mit Teoxane bezüglich der Vertriebsverträge und der überarbeiteten Markenrichtlinien, die voraussichtlich erhebliche Auswirkungen auf die zukünftige Rentabilität von Revance haben werden.
Die Transaktion wird voraussichtlich im 1. Quartal 2025 abgeschlossen, vorbehaltlich der Bedingung, dass die Aktionäre Aktien anbieten, die mindestens die Mehrheit der Stimmrechte von Revance repräsentieren. Nach der Fusion wird Revance vollständig im Besitz von Crown sein und von der Nasdaq delistet. Es wird erwartet, dass das öffentliche Übernahmeangebot am 12. Dezember 2024 beginnt, wobei der Vorstand von Revance den Aktionären einstimmig empfiehlt, ihre Aktien anzubieten.
- Merger will create a comprehensive portfolio combining Crown's and Revance's aesthetic offerings
- Board of Directors unanimously approved the merger agreement
- Clear exit opportunity for shareholders at $3.10 per share in cash
- Revised Teoxane agreement expected to materially impact future profitability and cash flows
- Recent commercial performance below previous 2024 financial guidance
- Company facing potential need for dilutive equity financing if merger fails
- Operating expense reductions could negatively impact revenue growth
Insights
“We are pleased to announce the terms of the amended and restated merger agreement, marking an important step forward towards the combination of our complementary organizations,” said Jeff Bedard, founder and Chief Executive Officer of Crown. “We believe Revance’s innovative aesthetics solutions will broaden Crown’s cutting-edge aesthetic offerings and, as a combined company, have the unique opportunity to build a comprehensive portfolio of high-growth products in aesthetics and consumer skincare that best serves our skin science for life vision.”
The parties entered into the amended and restated merger agreement in response to, among other things:
- Revance receiving notice from Teoxane alleging breach by Revance of its exclusive distribution agreement with Teoxane.
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Revance and Teoxane’s settlement of such alleged breach, including by entry into (i) a sixth amendment to the
U.S. distribution agreement, pursuant to which the parties agreed, among other things, to certain revised brand guidelines and minimum purchase commitments through 2029 (which revisions are expected to have a material impact on Revance’s future profitability and cash flows) and (ii) the “ANZ Distribution Agreement,” pursuant to which Teoxane will act as Revance’s exclusive distributor and licensee inAustralia and New Zealand . - Revance’s recent commercial performance relative to prior 2024 financial guidance (which was subsequently withdrawn).
- Revance’s prospects as a standalone company (i.e., if the merger with Crown is not completed) including, but not limited to consideration of (i) the Company’s capital structure and operating expense profile, and the potential actions that would be required by the Company to preserve its cash position including reductions in operating expenditures that the Company believes would have a negative impact on revenue growth and (ii) the likelihood that the Company would be required to refinance its outstanding indebtedness and/or raise additional equity capital which could be highly dilutive and uncertain.
Transaction Details
The transaction is expected to close in the first quarter of 2025. Following completion of the merger, Revance will be wholly owned by Crown and Revance’s stock will no longer be publicly traded on Nasdaq.
The transaction is subject to stockholders validly tendering shares representing at least a majority of the voting power of Revance and the satisfaction of other customary closing conditions.
Following the successful closing of the tender offer, Crown will acquire any shares of Revance that are not tendered in the tender offer through a second-step merger for the same consideration as paid in the tender offer.
Revance’s Board of Directors unanimously recommends that Revance’s stockholders tender their shares in the tender offer which is expected to be commenced on December 12, 2024.
Further information regarding the terms and conditions in the definitive transaction agreement will be provided in the tender offer materials on Schedule TO and Schedule 14D-9, which will be filed with the
Advisors
Centerview Partners LLC is serving as exclusive financial advisor for Revance; Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal advisor for Revance.
Leerink Partners and PJT Partners are serving as financial advisors to Crown; Kirkland & Ellis LLP and Lowenstein Sandler LLP are serving as legal advisors to Crown.
About Crown Laboratories
Crown, a privately held, fully integrated global skincare company, is committed to developing and providing a diverse portfolio of aesthetic, premium and therapeutic skincare products that improve the quality of life for its consumers throughout their skincare journey. An innovative company focused on skin science for life, Crown’s unyielding pursuit of delivering therapeutic excellence and enhanced patient outcomes is why it has become a leader in Dermatology and Aesthetics. Crown has been listed on the Inc. 5000 Fastest Growing Privately Held Companies List for 11 years and has expanded its distribution to over 50 countries. For more information, visit www.crownlaboratories.com.
The “Crown” logo, PanOxyl and Blue Lizard are registered trademarks of Crown Laboratories, Inc. SkinPen and StriVectin are registered trademarks of Bellus Medical, LLC and StriVectin Operating Company, Inc., respectively.
About Revance
Revance is a biotechnology company setting the new standard in healthcare with innovative aesthetic and therapeutic offerings that enhance patient outcomes and physician experiences. Revance’s portfolio includes DAXXIFY (DaxibotulinumtoxinA-lanm) for injection and the RHA Collection of dermal fillers. RHA® technology is proprietary to and manufactured in
“Revance,” the Revance logo, and DAXXIFY are registered trademarks of Revance Therapeutics, Inc. Resilient Hyaluronic Acid® and RHA are trademarks of TEOXANE SA.
Additional Information and Where to Find It
The tender offer described above has not yet commenced. This communication is not an offer to buy nor a solicitation of an offer to sell any securities of Revance Therapeutics, Inc. The solicitation and the offer to buy shares of Revance’s common stock will only be made pursuant to a tender offer statement on Schedule TO, including an offer to purchase, a letter of transmittal and other related materials that Crown and its acquisition subsidiary intends to file with the Securities and Exchange Commission (SEC). In addition, Revance will file with the SEC a Solicitation/Recommendation Statement on Schedule 14D-9 with respect to the tender offer. Once filed, such documents will be mailed to the stockholders of Revance free of charge and investors will also be able to obtain a free copy of these materials (including the tender offer statement, Offer to Purchase and the related Letter of Transmittal), as well as the Solicitation/Recommendation Statement and other documents filed by Crown and Revance with the SEC at the website maintained by the SEC at www.sec.gov. Investors may also obtain, at no charge, any such documents filed with or furnished to the SEC by Revance under the “News” section of Revance’s website at www.revance.com. The information contained in, or that can be accessed through, Revance’s or Crown’s website is not a part of, or incorporated by reference herein.
INVESTORS AND SECURITY HOLDERS ARE ADVISED TO READ THESE DOCUMENTS WHEN THEY BECOME AVAILABLE (AND EACH AS IT MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME), INCLUDING TENDER OFFER MATERIALS (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER TENDER OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT OF REVANCE AND ANY AMENDMENTS THERETO, AS WELL AS ANY OTHER DOCUMENTS RELATING TO THE TENDER OFFER AND THE MERGER THAT ARE FILED WITH THE SEC, CAREFULLY AND IN THEIR ENTIRETY PRIOR TO MAKING ANY DECISIONS WITH RESPECT TO WHETHER TO TENDER THEIR SHARES INTO THE TENDER OFFER BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION, INCLUDING THE TERMS AND CONDITIONS OF THE TENDER OFFER.
Forward-Looking Statements
Certain statements contained in this press release are “forward-looking statements.” The use of words such as “anticipates,” “hopes,” “may,” “should,” “intends,” “projects,” “estimates,” “expects,” “plans” and “believes,” among others, generally identify forward-looking statements. All statements, other than statements of historical fact, are forward-looking statements. These forward-looking statements include, among others, statements relating to Revance’s and Crown’s future financial performance, business prospects and strategy, expectations with respect to the tender offer and the anticipated merger, including the timing thereof and Revance’s and Crown’s ability to successfully complete such transactions and realize the anticipated benefits. Actual results could differ materially from those contained in these forward-looking statements for a variety of reasons, including, among others, the risks and uncertainties inherent in the tender offer and the anticipated merger, including, among other things, regarding how many of Revance stockholders will tender their shares in the tender offer, the possibility that competing offers will be made, the ability to obtain requisite regulatory approvals, the ability to satisfy the conditions to the closing of the tender offer and the anticipated merger, the expected timing of the tender offer and the anticipated merger, the possibility that the anticipated merger will not be completed, difficulties or unanticipated expenses in connection with integrating the parties’ operations, products and employees and the possibility that anticipated synergies and other anticipated benefits of the transaction will not be realized in the amounts expected, within the expected timeframe or at all, the effect of the announcement of the tender offer and the anticipated merger on Revance’s and Crown’s business relationships (including, without limitations, partners and customers), the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement, the expected tax treatment of the transaction, and the impact of the transaction on the businesses of Revance and Crown, and other circumstances beyond Revance’s and Crown’s control. You should not place undue reliance on these forward-looking statements. Certain of these and other risks and uncertainties are discussed in Revance’s and Crown’s filings with the SEC, including the Schedule TO (including the offer to purchase, letter of transmittal and related documents) Crown and its acquisition subsidiary will file with the SEC, and the Solicitation/Recommendation Statement on Schedule 14D-9 Revance will file with the SEC, and Revance’s most recent Form 10-K and Form 10-Q filings with the SEC. Except as required by law, neither Revance nor Crown undertakes any duty to update forward-looking statements to reflect events after the date of this press release.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241209786407/en/
Media:
Alecia Pulman
ICR
Crown@icrinc.com
Investors:
Laurence Watts
NewStreet
laurence@newstreetir.com
Source: Revance Therapeutics, Inc.
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