The business combination reinforces Crown's
position as a leading, innovative, high-growth aesthetics and
skincare company
JOHNSON
CITY, Tenn., Feb. 6, 2025
/PRNewswire/ -- Crown Laboratories, Inc. ("Crown"), a
privately held, global innovative leader in the skincare industry,
today announced the successful closing of its acquisition of
Revance Therapeutics, Inc. ("Revance") (NASDAQ: RVNC), a
biotechnology company aimed at setting the new standard in
healthcare with innovative aesthetic and therapeutic offerings.
The Offer and the Merger
Crown's tender offer to acquire all of the issued and
outstanding shares of common stock, par value $0.001 per share (each, a "Share") of Revance at
a purchase price of $3.65 per Share,
net to the stockholder in cash, without interest and less any
applicable tax withholding (the "Offer"), expired as scheduled at
one minute past 11:59 p.m., Eastern
Time, on February 4, 2025, and
was not further extended (such date and time, the "Expiration
Time"). Crown previously announced that Computershare Trust
Company, N.A., the depositary and paying agent for the tender
offer, advised Crown that, as of the Expiration Time, 86,197,893
Shares were validly tendered and not properly withdrawn in the
Offer, representing approximately 82.0% of the issued and
outstanding Shares as of the Expiration Time. In accordance with
the terms of the Offer, Crown and its affiliate, Reba Merger
Sub, Inc. ("Merger Sub"), accepted for payment all such Shares that
were validly tendered and not properly withdrawn pursuant to the
Offer. Following completion of the Offer, Crown completed the
acquisition of Revance through the previously-planned and announced
second-step merger. Revance's common stock will be delisted from
the NASDAQ Global Select Market and deregistered under the
Securities Exchange Act of 1934, as amended.
Advisors
Leerink Partners and PJT Partners served as financial advisors
to Crown; Kirkland & Ellis LLP and Lowenstein Sandler LLP
served as legal advisors to Crown.
About Crown
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 eleven
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.
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 integration following the 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, 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 merger on Revance's and Crown's business
relationships (including, without limitations, partners and
customers), and other circumstances beyond Revance's and Crown's
control. You should not place undue reliance on these
forward-looking statements. All forward-looking statements in this
communication are based on information available as of the date of
this communication, and 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.
Contacts
Media:
Alecia
Pulman
ICR
Crown@icrinc.com
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SOURCE Crown Laboratories, Inc.
