\nCrown Laboratories, Inc. (\u201cCrown\u201d), a privately held, global innovative leader in the skincare industry, and Revance Therapeutics, Inc. (\u201cRevance\u201d) (NASDAQ: RVNC), a biotechnology company aimed at setting the new standard in healthcare with innovative aesthetic and therapeutic offerings, today announced that they have amended and restated the merger agreement entered into by the parties on August 11, 2024, pursuant to which the companies will seek to merge the two organizations. Under the terms of the amended and restated merger agreement, which has been unanimously approved by Revance\u2019s Board of Directors, Crown will commence a tender offer to acquire all outstanding shares of Revance\u2019s common stock for $3.10 per share in cash.<\/p>\n
This press release features multimedia. View the full release here: https:\/\/www.businesswire.com\/news\/home\/20241209786407\/en\/<\/a><\/p>\n \n\u201cWe are pleased to announce the terms of the amended and restated merger agreement, marking an important step forward towards the combination of our complementary organizations,\u201d said Jeff Bedard, founder and Chief Executive Officer of Crown. \u201cWe believe Revance\u2019s innovative aesthetics solutions will broaden Crown\u2019s cutting-edge aesthetic offerings and, as a combined company, have the unique opportunity to build a comprehensive portfolio of high-growth products in aesthetics and consumer skincare that best serves our skin science for life vision.\u201d<\/p>\n \nThe parties entered into the amended and restated merger agreement in response to, among other things:<\/p>\n Transaction Details<\/b><\/p>\n \nThe transaction is expected to close in the first quarter of 2025. Following completion of the merger, Revance will be wholly owned by Crown and Revance\u2019s stock will no longer be publicly traded on Nasdaq.<\/p>\n \nThe transaction is subject to stockholders validly tendering shares representing at least a majority of the voting power of Revance and the satisfaction of other customary closing conditions.<\/p>\n \nFollowing the successful closing of the tender offer, Crown will acquire any shares of Revance that are not tendered in the tender offer through a second-step merger for the same consideration as paid in the tender offer.<\/p>\n \nRevance\u2019s Board of Directors unanimously recommends that Revance\u2019s stockholders tender their shares in the tender offer which is expected to be commenced on December 12, 2024.<\/p>\n \nFurther information regarding the terms and conditions in the definitive transaction agreement will be provided in the tender offer materials on Schedule TO and Schedule 14D-9, which will be filed with the U.S. Securities and Exchange Commission in connection with the transaction.<\/p>\n Advisors<\/b><\/p>\n \nCenterview Partners LLC is serving as exclusive financial advisor for Revance; Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal advisor for Revance.<\/p>\n \nLeerink Partners and PJT Partners are serving as financial advisors to Crown; Kirkland & Ellis LLP and Lowenstein Sandler LLP are serving as legal advisors to Crown.<\/p>\n About Crown Laboratories<\/b><\/p>\n \nCrown, 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\u2019s 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 11 years and has expanded its distribution to over 50 countries. For more information, visit www.crownlaboratories.com<\/a>.<\/p>\n \nThe \u201cCrown\u201d 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.<\/p>\n About Revance<\/b><\/p>\n \nRevance is a biotechnology company setting the new standard in healthcare with innovative aesthetic and therapeutic offerings that enhance patient outcomes and physician experiences. Revance\u2019s portfolio includes DAXXIFY (DaxibotulinumtoxinA-lanm) for injection and the RHA Collection of dermal fillers. RHA\u00ae technology is proprietary to and manufactured in Switzerland by Teoxane SA. Revance has partnered with Teoxane, SA to supply HA fillers for U.S. distribution. Revance has also partnered with Viatris Inc. to develop a biosimilar to onabotulinumtoxinA for injection and Shanghai Fosun Pharmaceutical to commercialize DAXXIFY in China. Revance\u2019s global headquarters and experience center is located in Nashville, Tennessee. Learn more at Revance.com<\/a>, RevanceAesthetics.com<\/a>, DAXXIFY.com<\/a>, HCP.DAXXIFYCervicalDystonia.com<\/a>, or connect with us on LinkedIn.<\/p>\n \n\u201cRevance,\u201d the Revance logo, and DAXXIFY are registered trademarks of Revance Therapeutics, Inc. Resilient Hyaluronic Acid\u00ae and RHA are trademarks of TEOXANE SA.<\/p>\n Additional Information and Where to Find It<\/b><\/p>\n \nThe tender offer described above has not yet commenced. This communication is not an offer to buy nor a solicitation of an offer to sell any securities of Revance Therapeutics, Inc. The solicitation and the offer to buy shares of Revance\u2019s common stock will only be made pursuant to a tender offer statement on Schedule TO, including an offer to purchase, a letter of transmittal and other related materials that Crown and its acquisition subsidiary intends to file with the Securities and Exchange Commission (SEC). In addition, Revance will file with the SEC a Solicitation\/Recommendation Statement on Schedule 14D-9 with respect to the tender offer. Once filed, such documents will be mailed to the stockholders of Revance free of charge and investors will also be able to obtain a free copy of these materials (including the tender offer statement, Offer to Purchase and the related Letter of Transmittal), as well as the Solicitation\/Recommendation Statement and other documents filed by Crown and Revance with the SEC at the website maintained by the SEC at www.sec.gov<\/a>. Investors may also obtain, at no charge, any such documents filed with or furnished to the SEC by Revance under the \u201cNews\u201d section of Revance\u2019s website at www.revance.com<\/a>. The information contained in, or that can be accessed through, Revance\u2019s or Crown\u2019s website is not a part of, or incorporated by reference herein.<\/p>\n \nINVESTORS AND SECURITY HOLDERS ARE ADVISED TO READ THESE DOCUMENTS WHEN THEY BECOME AVAILABLE (AND EACH AS IT MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME), INCLUDING TENDER OFFER MATERIALS (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER TENDER OFFER DOCUMENTS) AND THE SOLICITATION\/RECOMMENDATION STATEMENT OF REVANCE AND ANY AMENDMENTS THERETO, AS WELL AS ANY OTHER DOCUMENTS RELATING TO THE TENDER OFFER AND THE MERGER THAT ARE FILED WITH THE SEC, CAREFULLY AND IN THEIR ENTIRETY PRIOR TO MAKING ANY DECISIONS WITH RESPECT TO WHETHER TO TENDER THEIR SHARES INTO THE TENDER OFFER BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION, INCLUDING THE TERMS AND CONDITIONS OF THE TENDER OFFER.<\/p>\n Forward-Looking Statements<\/b><\/p>\n \nCertain statements contained in this press release are \u201cforward-looking statements.\u201d The use of words such as \u201canticipates,\u201d \u201chopes,\u201d \u201cmay,\u201d \u201cshould,\u201d \u201cintends,\u201d \u201cprojects,\u201d \u201cestimates,\u201d \u201cexpects,\u201d \u201cplans\u201d and \u201cbelieves,\u201d 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\u2019s and Crown\u2019s future financial performance, business prospects and strategy, expectations with respect to the tender offer and the anticipated merger, including the timing thereof and Revance\u2019s and Crown\u2019s 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, the risks and uncertainties inherent in the tender offer and the anticipated merger, including, among other things, regarding how many of Revance stockholders will tender their shares in the tender offer, the possibility that competing offers will be made, the ability to obtain requisite regulatory approvals, the ability to satisfy the conditions to the closing of the tender offer and the anticipated merger, the expected timing of the tender offer and the anticipated merger, the possibility that the anticipated merger will not be completed, difficulties or unanticipated expenses in connection with integrating the parties\u2019 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 announcement of the tender offer and the anticipated merger on Revance\u2019s and Crown\u2019s business relationships (including, without limitations, partners and customers), the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement, the expected tax treatment of the transaction, and the impact of the transaction on the businesses of Revance and Crown, and other circumstances beyond Revance\u2019s and Crown\u2019s control. You should not place undue reliance on these forward-looking statements. Certain of these and other risks and uncertainties are discussed in Revance\u2019s and Crown\u2019s filings with the SEC, including the Schedule TO (including the offer to purchase, letter of transmittal and related documents) Crown and its acquisition subsidiary will file with the SEC, and the Solicitation\/Recommendation Statement on Schedule 14D-9 Revance will file with the SEC, and Revance\u2019s most recent Form 10-K and Form 10-Q filings with the SEC. 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.<\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20241209786407\/en\/<\/a><\/span><\/p>\n Media: Investors: KEYWORDS:<\/b> Tennessee United States North America<\/p>\n INDUSTRY KEYWORDS:<\/b> Cosmetics Retail Health Fitness & Nutrition General Health Biotechnology<\/p>\n\n
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Alecia Pulman
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ICR
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Crown@icrinc.com<\/a><\/p>\n
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Laurence Watts
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NewStreet
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laurence@newstreetir.com<\/a><\/p>\n
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