Botox Innovator Revance Therapeutics Goes Private In Over $900M Deal
Portfolio Pulse from Vandana Singh
Crown Laboratories, Inc. is set to acquire Revance Therapeutics, Inc. (NASDAQ:RVNC) for $6.66 per share in cash, valuing the deal at $924 million. This represents an 89% premium over Revance's closing price on August 9, 2024. Revance's lead product, Daxxify, competes with AbbVie's Botox and has shown strong sales growth. The transaction is expected to close by year-end, after which Revance will be delisted from Nasdaq.
August 12, 2024 | 3:50 pm
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Crown Laboratories is acquiring Revance Therapeutics for $6.66 per share, an 89% premium over its recent closing price. The deal values Revance at $924 million and is expected to close by year-end, after which Revance will be delisted from Nasdaq.
The acquisition at a significant premium is likely to drive RVNC's stock price up in the short term. The deal's completion will result in the delisting of RVNC from Nasdaq.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100
NEUTRAL IMPACT
Revance's Daxxify, a competitor to AbbVie's Botox, is being acquired by Crown Laboratories. Daxxify has shown strong sales growth, which could impact Botox's market share.
While the acquisition of Revance may not directly impact AbbVie's stock price in the short term, the strong performance of Daxxify could pose a competitive threat to Botox in the long run.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50