Based in Nashville, Tennessee, Revance is a biotech company focused on aesthetic and therapeutic offerings. The company markets injectable treatments such as the RHA Collection of plumping hyaluronic acid fillers and Daxxify (DaxibotulinumtoxinA-lanm), an alternative to Botox injections.
Under the terms of the merger agreement, Crown will acquire all outstanding shares of Revance, which has been listed on the Nasdaq since 2014. Crown tender offer represents a premium of 89% over Revance’s closing market price on August 9, 2024, and a 111% premium to Revance’s 60-day volume-weighted average price.
"Revance has an impressive track record in developing innovative aesthetics offerings that will complement Crown’s innovative line of skincare products. As a combined company, we have the opportunity to create a comprehensive portfolio of high-growth products for all stages of life, and we will be committed to investing in education, training, and practice support for aesthetics providers across the United States," said Jeff Bedard, founder and Chief Executive Officer of Crown.
Through this operation, Crown expects to combine its skincare lines with Revance’s aesthetic products to create a comprehensive portfolio of over 10 cutting-edge skin health and aesthetic brands for various aesthetic expectations. Crown intends to leverage its extensive distribution network — spanning medical, retail, and e-commerce channels across 50 countries — to boot sales of Revance’s products.
A booming aesthetics market
The news comes after L’Oréal announced last week it had bought a 10 percent stake in Swiss injectable maker Galderma. Cosmetic giants are increasingly eyeing at the aesthetics space, which is gaining momentum globally, including in North America and in fast growth regions in Asia and Latin America.
According to DataM Intelligence, the Global Facial Aesthetics Market — which refers to non-surgical and minimally invasive procedures designed to temporarily reduce wrinkles or restore facial volume — is anticipated to rise at a considerable rate between 2024 and 2030. Estimated at USD 6.5 billion in 2022, it is expected to reach USD 19.3 billion by 2030, growing with a CAGR [1] of 12.1% during the period.
