(RTTNews) - Revance Therapeutics, Inc. (RVNC) disclosed on Monday that it has entered into a merger agreement with Crown Laboratories, Inc., which plans to purchase all outstanding shares of Revance's common stock for $6.66 per share in cash. This transaction signifies a total enterprise value of $924 million and represents an 89% premium relative to Revance's closing price on August 9, 2024. Following the news, the stock rose 85% in pre-market.
The objective of the merger is to establish a prominent and innovative company in the aesthetics and skincare sector, integrating Crown's skincare products with Revance's aesthetic solutions.
Upon the successful completion of the merger, Revance will become a wholly owned subsidiary of Crown, and its stock will cease to be publicly traded on Nasdaq.
The transaction is anticipated to be finalized by the end of the year, pending stockholder approval and necessary regulatory clearances.
In pre-market activity on the Nasdaq, the shares are trading at $6.58, up 85.40%.
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