Revance Therapeutics, the maker of Botox competitor Daxxify, will be acquired for more than $900 million.
Crown Laboratories will buy out all of Revance’s stock for $6.66 per share, valuing Revance at $924 million. That represents an 89% premium on Revance’s closing price last Friday. Revance’s stock $RVNC shot up 86% on Monday morning to meet the buyout price.
In a statement, Revance CEO Mark Foley said the acquisition will “enable us to broaden our provider network as well as provide us with an expanded portfolio of products.”
Daxxify was originally approved in the aesthetic setting for frown lines in September 2022, followed by a therapeutic approval to treat cervical dystonia, a rare neurological condition in which the neck muscles involuntarily contract, in August 2023. Revance has marketed Daxxify as potentially longer-lasting than Botox.
The company is also working to create a Botox biosimilar in partnership with Viatris, but that effort has run into legal headwinds. In January, Revance lost an attempt to dismiss a lawsuit filed by Allergan accusing the company of poaching Allergan employees with access to trade secrets for its Botox and Juvéderm products.