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Crown Laboratories Inc., a leading skincare company, announced on Monday that it has agreed to acquire aesthetic healthcare biotechnology company Revance Therapeutics Inc. in a $924 million transaction. The merger, crafted by three prominent law firms, will significantly enhance Crown's position in the global aesthetics and skincare market.

Crown Buys Revance in $924M Deal : Details of the Acquisition

Under the terms of the agreement, Crown will purchase all outstanding shares of Revance's common stock at $6.66 per share, reflecting an 89% premium over Revance's closing market price on Friday. This move will result in Revance becoming a wholly-owned subsidiary of Crown, and its shares will cease trading on the Nasdaq upon the deal's completion.

Skadden Arps Slate Meagher & Flom LLP represented Revance, while Kirkland & Ellis LLP and Lowenstein Sandler LLP provided legal counsel to Crown.

Strategic Impact of the Merger

The combination of Crown and Revance is set to create one of the leading global aesthetics and skincare companies, with a portfolio exceeding 10 brands in skin health and aesthetics. The merger will also establish one of the largest distribution networks in the skincare industry, covering medical, retail, and e-commerce channels.

"This is a significant step forward in Crown's vision to become a fully integrated global aesthetics and skincare company," said Crown's founder and CEO Jeff Bedard. He highlighted the potential to develop a comprehensive portfolio of high-growth products and the company’s commitment to supporting aesthetics providers across the United States.

Crown Buys Revance in $924M Deal : Future Prospects and Market Expansion

Revance President and CEO Mark J. Foley emphasized the strategic benefits of the merger, noting that the combined company's scale and product range will provide a more compelling offering to customers. The merger is expected to close by the end of the year, contingent upon shareholder approval, regulatory clearances, and other standard closing conditions.

The merger represents a significant consolidation in the skincare and aesthetics industry, positioning Crown as a powerhouse in the global market.