Revance Announces Closing of Public Offering and Full Exercise of the Underwriters’ Option to Purchase Additional Shares

Rhea-AI Summary

Revance Therapeutics announced the closing of its public offering of 9.2 million shares at $25.00 per share, raising gross proceeds of $230 million. The offering saw the complete exercise of the underwriters' option for 1.2 million additional shares. The shares were offered under an automatic shelf registration statement previously filed with the SEC on November 27, 2020. Goldman Sachs, Cowen, Guggenheim, and Barclays acted as joint book-running managers for this offering, with full details available on the SEC's website.

Positive

• Raised $230 million through a public offering.
• The offering includes the full exercise of the underwriters' option for additional shares.

Negative

• Potential shareholder dilution due to the issuance of 9.2 million new shares.

NASHVILLE, Tenn.--(BUSINESS WIRE)-- Revance Therapeutics, Inc. (Nasdaq: RVNC), a commercial stage biotechnology company focused on innovative aesthetic and therapeutic offerings (“Revance” or the “Company”), today announced the closing of its previously announced underwritten public offering of 9,200,000 shares of its common stock, which includes the full exercise of the underwriters’ option to purchase 1,200,000 additional shares, at a price to the public of $25.00 per share. All of the shares were offered by Revance. The aggregate gross proceeds from the public offering were $230.0 million, before deducting underwriting discounts and commissions and other offering expenses.

Goldman Sachs & Co. LLC, Cowen and Company, LLC and Guggenheim Securities, LLC acted as joint book-running managers for the offering. Barclays Capital Inc. also acted as a bookrunner for the offering.

The securities described above were offered by Revance pursuant to an automatic shelf registration statement on Form S-3 (File No. 333-250998) previously filed with the Securities and Exchange Commission (the “SEC”) on November 27, 2020. A final prospectus supplement and accompanying prospectus relating to the public offering were filed with the SEC and are available on the SEC’s website at www.sec.gov. Copies of the final prospectus supplement and accompanying prospectus may also be obtained by contacting Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, by telephone at 1-866-471-2526, or by email at Prospectus-ny@ny.email.gs.com; Cowen and Company, LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Attn: Prospectus Department, by telephone at (833) 297-2926, or by email at PostSaleManualRequests@broadridge.com; Guggenheim Securities, LLC, Attention: Equity Syndicate Department, 330 Madison Avenue, 8th Floor, New York, New York 10017, or by telephone at (212) 518-9544, or by email at GSEquityProspectusDelivery@guggenheimpartners.com; or Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, by telephone at (888) 603-5847, or by email at barclaysprospectus@broadridge.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

About Revance

Revance is a commercial stage biotechnology company focused on developing and commercializing innovative aesthetic and therapeutic offerings, including DAXXIFY™ (DaxibotulinumtoxinA-lanm) for injection, the RHA® Collection of dermal fillers, and OPUL®, a relational commerce platform for aesthetic practices. Revance has also partnered with Viatris Inc. to develop a biosimilar to BOTOX®, which would compete in the existing short-acting neuromodulator marketplace. Revance’s therapeutics pipeline is currently focused on muscle movement disorders including evaluating DaxibotulinumtoxinA for Injection in cervical dystonia and upper limb spasticity.

Revance, the Revance logo and OPUL® are registered trademarks of Revance Therapeutics, Inc.

Resilient Hyaluronic Acid® and RHA® are registered trademarks of Teoxane SA.

BOTOX® is a registered trademark of Allergan, Inc.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220915006062/en/

INVESTORS

Revance Therapeutics, Inc.:

Jessica Serra, 626-589-1007

Jessica.serra@revance.com

or

Gilmartin Group, LLC.:

Laurence Watts, 619-916-7620

laurence@gilmartinir.com

MEDIA

Revance Therapeutics, Inc.:

Sara J. Fahy

Media@revance.com

Source: Revance Therapeutics, Inc.

FAQ

What is the size of the public offering by Revance Therapeutics (RVNC)?

Revance Therapeutics closed a public offering of 9.2 million shares.

What were the gross proceeds from Revance's recent public offering?

The gross proceeds from the offering were $230 million.

Who managed the public offering for Revance Therapeutics (RVNC)?

Goldman Sachs, Cowen, Guggenheim, and Barclays acted as joint book-running managers.

When was the SEC registration for Revance's public offering filed?

The SEC registration for the public offering was filed on November 27, 2020.

What is the public offering price for Revance Therapeutics (RVNC) shares?

The shares were offered at a price of $25.00 per share.