Aankondiging • Feb 06

Crown Laboratories, Inc. completed the acquisition of Revance Therapeutics, Inc. (NasdaqGM:RVNC).

Crown Laboratories, Inc. entered into letter of intent to acquire Revance Therapeutics, Inc. (NasdaqGM:RVNC) from a group of shareholders on June 21, 2024. Crown Laboratories, Inc. entered into a merger agreement to acquire Revance Therapeutics, Inc. (NasdaqGM:RVNC) from a group of shareholders for approximately $720 million on August 11, 2024. Under the terms of the agreement, Crown will commence a tender offer to acquire all outstanding shares of Revance's common stock for $6.66 per share in cash. Following 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. As of December 9, 2024, Crown Laboratories, Inc. will commence a tender offer to acquire all outstanding shares of Revance’s common stock for $3.10 per share in cash. Following 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. Following completion of the merger, Revance will be wholly owned by Crown and Revance's stock will no longer be publicly traded on Nasdaq. As of October 18, 2024, due to ongoing discussion, the parties further extend the date by which Crown is obligated to commence the tender offer for all of the outstanding shares of common stock of the company, pursuant to the previously announced agreement and plan of merger, dated as of August 11, 2024, by and among the buyer parties and the company, to October 25, 2024 or such other date as may be mutually agreed to between the Company and the Buyer Parties. Upon termination of the Merger Agreement under specified circumstances, the Revance Therapeutics will be required to pay Crown Laboratories a termination fee of $28.76 million. The Merger Agreement also provides that Crown Laboratories, Inc. will be required to pay the Revance Therapeutics a reverse termination fee of $43.14 million upon termination of the Merger Agreement under specified circumstances. As of January 16, 2025, Crown provided to Revance non-binding proposed amendments to the A&R Merger Agreement, Equity Commitment Letter and Limited Guarantee (together, the “Crown Proposal”). The Crown Proposal contemplates the following material changes to the terms of the A&R Merger Agreement: (i) an increase in the Offer Price to $3.65 per share; (ii) Updated Company Termination Fee to $15,290,488.66; and Parent Termination Fee to $22,935,732.99. As of November 7, 2024, Revance and Crown agreed to extend the tender offer commencement date to November 12, 2024 or another date mutually agreed to between the parties. As on November 26, 2024, Revance and Crown agreed to extend the tender offer commencement date to November 29, 2024. As on November 29, 2024, Revance and Crown agreed to extend the tender offer commencement date to December 3, 2024. As of December 9, 2024, the tender offer is expected to be commenced on December 12, 2024. As of December 12, 2024 the tender offer commenced. The Revance Board unanimously determined that the offer and the merger are advisable and in the best interest of Revance and its stockholders and recommends they tender their shares to Crown. The tender offer is scheduled to expire at one minute after 11:59 p.m., Eastern Time on January 13, 2025. The tender offer, which was previously scheduled to expire one minute past 11:59 p.m., Eastern time, on January 13, 2025, has been extended until one minute past 11:59 p.m., Eastern time, on January 28, 2025. As of January 16, 2025, Crown indicated that the $3.65 offer expires at 4:10 p.m., Eastern Time, on January 17, 2025. As per amended filing, Tender offer will expire at one minute past 11:59 p.m., Eastern Time, on February 4, 2025. As of February 4, 2025, the tender offer expired. Computershare Trust Company, N.A., the depositary and paying agent for the Offer, has advised Crown that, as of the Expiration Time, 86,197,893 Shares were validly tendered and not validly withdrawn in the Offer, representing 82.0% of the issued and outstanding Shares as of the Expiration Time. Accordingly, all conditions to the Offer have been satisfied. Crown and its affiliate, Reba Merger Sub, Inc. ("Merger Sub"), will promptly accept for payment, and will promptly pay for, all Shares validly tendered and not validly withdrawn in the Offer. The transaction is subject to stockholders validly tendering shares representing at least a majority of the voting power of Revance, required regulatory approvals and other customary closing conditions. Revance's Board of Directors unanimously approved the transaction and unanimously recommends that Revance's stockholders tender their shares in the tender offer. Crown Laboratories board of directors approved the transaction. The approval under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 has been received. The transaction is expected to close by year end. As of December 9, 2024, the transaction is expected to close in the first quarter of 2025. The parties expect to consummate the acquisition on February 6, 2025. Centerview Partners LLC is serving as exclusive financial advisor and fairness opinion provider to Revance; Howard Ellin, Demetrius Warrick, M. Janine Jjingo and Ryne C Posey of Skadden, Arps, Slate, Meagher & Flom LLP are serving as legal advisors for Revance. PJT Partners is serving as financial advisor to Crown; Marshall P. Shaffer, Edward J. Lee, Joshua Kogan, Andrew Norwich, Jordan Murray, Juliet Anderson, Justin Samson, Jason Kanner, Chad Davis, Angela A. Hagerman, Scott D. Price, Anthony Ji, Julia Danforth, Philippa Bond, Van Whiting, Albert Y. Kim and Steven M. Choi of Kirkland & Ellis LLP and Sam E. Khan, Kimberly E. Lomot, Angela Raleigh, Megan Monson, Nicholas G. Mehler, Matthew P. Hintz, Robert J. Paradiso, Alyssa D’Antonio, Eric Jesse, James C. Shehan, Manali Joglekar, Mark S. Heinzelmann, Theodore C. Sica, Raquel Smith, and Mitchell McDonald of Lowenstein Sandler LLP are serving as legal advisors to Crown. Leerink Partners acted as financial advisor to Crown. Revance paid $1,500,000 to Centerview Partners LLC for his fairness opinion role and paid $17,000,000 for his financial service role. Computershare Trust Company acted as depositary bank to Revance Therapeutics. Crown Laboratories, Inc. completed the acquisition of Revance Therapeutics, Inc. (NasdaqGM:RVNC) on February 6, 2025.

Aankondiging • Feb 02

Revance Therapeutics, Inc. Receives Permanent J-Code for DAXXIFY and Announces Publication of Daxify Pivotal Study (ASPEN-1) Results in Neurology

Revance Therapeutics, Inc. (RVNC) announced that the U.S. Centers for Medicare & Medicaid Services (CMS) has assigned a permanent J-code (J0589) for DAXXIFY®?, indicated for the treatment of cervical dystonia in adults. The study, authored by Cynthia L. Comella, M.D., evaluated the safety, duration of response, and efficacy of two doses of DAXXIFY for the treatment of cervical Dystonia (CD), and served as the foundation for Food and Drug Administration (FDA) approval of DAXXIFY for The treatment of cervical dystonia In August 2023. The pivotal Phase 3 clinical study (ASPEN 1), included 301 patients randomized to receive 125 U or 250U of DAXXIFY, or to placebo.1-2 DAXXIFY was shown to be effective, generally safe, and well tolerated across both dose groups, 125U and 250U. 1-2 The primary endpoint was met in both groups, with 12.7 and 10.9 point reductions from baseline in Total TWSTRS score averaged over Weeks 4 and 6 (p<0.01 vs placebo).1-2 Median duration of effect, defined as >80% loss of peak effect, was 24.0 and 20.3 weeks for the two dose groups respectively. 1-2 The low incidence rates of dysphagia (1.9% and 3.6%, respectively) and muscle weakness (4.7% and 2.3%, respectively), further support DAXXIFY’s safety profile.1-2 The Phase 3 clinical program also included a repeat-treatment, open-label safety study (ASPEN OLS) that allowed for up to 4 additional DAXXIFY treatments, which reinforced the findings of ASPEN-1. The total U.S. therapeutic neuromodulator market opportunity for DAXXIFY is $2.7 billion, which includes the over $350 million cervical dystonia market. DAXXIFY® (daxibotulinumtoxinA-lanm) injection is an acetylcholine release inhibitor and neuromuscular blocking agent indicated for the temporary improvement in the appearance of moderate to severe glabellar lines associated with corrugator and/or procerus muscle activity in adult patients and for the treatment of cervical dystonia in adults. The effects of DAXXIFY® and all botulinum toxin products may spread from the area of injection to produce symptoms consistent with botulinum toxin effects. These symptoms have been reported hours to weeks after injection. Swallowing and breathing difficulties can be life threatening and there have been reports of death. DAXXIFY® is not approved for the treatment of spasticity or any conditions other than cervical dystonia and glabellar lines. DAXXIFY® contraindications include hypersensitivity to any botulinum toxin preparation or any of the components in the formulation and infection at the injection site(s). The potency units of DAXXIFY® are not interchangeable with preparations of other botulinum toxin products. Recommended dose and frequency of administration should not be exceeded. Patients should seek immediate medical attention if respiratory, speech or swallowing difficulties occur. Use caution when administering to patients with pre-existing cardiovascular disease. Concomitant neuromuscular disorders may exacerbate clinical effects of treatment. The most commonly observed adverse reactions are: Glabellar lines (=1%): headache (6%), eyelid ptosis (2%) and facial paresis (1%). Cervical dystonia (=5%): headache (9%), injection site pain (8%), injection site erythema (5%), muscular weakness (5%), and upper respiratory tract infection (5%). Co-administration of DAXXIFY® and aminoglycoside antibiotics, anticholinergic agents or any other agents interfering with neuromuscular transmission or muscle relaxants should only be performed with caution as the effect of DAXXIFY® may be potentiated. The effect of administering different botulinum neurotoxins during course of treatment with DAXXIFY® is unknown. DAXXIFY® is not recommended for use in children or pregnant women.

Totaal aandeelhoudersrendement	-25.9%
Toekomstig dividendrendement	n/a
Dividendgroei	n/a
Volgende betaaldatum dividend	n/a
Ex-dividenddatum	n/a
Dividend per aandeel	n/a
Uitbetalingsratio	n/a

Segment	Dividendrendement
Bedrijf (RVNC)	n/a
Markt onderkant 25% (US)	1.3%
Markt Top 25% (US)	4.0%
Gemiddelde industrie (Pharmaceuticals)	1.9%
Analist prognose (RVNC) (tot 3 jaar)	n/a

Gegevens	Laatst bijgewerkt (UTC-tijd)
Bedrijfsanalyse	2025/02/05 14:55
Aandelenkoers aan het einde van de dag	2025/02/05 00:00
Inkomsten	2024/09/30
Jaarlijkse inkomsten	2023/12/31

Pakket	Gegevens	Tijdframe	Voorbeeld Amerikaanse bron ^*
Financiële gegevens bedrijf	10 jaar	Resultatenrekening Kasstroomoverzicht Balans	SEC-formulier 10-K SEC-formulier 10-Q
Consensus schattingen analisten	+3 jaar	Financiële prognoses Koersdoelen analisten	Onderzoeksrapporten van analisten Blue Matrix
Marktprijzen	30 jaar	Aandelenprijzen Dividenden, splitsingen en acties	ICE Marktgegevens SEC-formulier S-1
Eigendom	10 jaar	Top aandeelhouders Handel met voorkennis	SEC-formulier 4 SEC-formulier 13D
Beheer	10 jaar	Leiderschapsteam Raad van bestuur	SEC-formulier 10-K SEC-formulier DEF 14A
Belangrijkste ontwikkelingen	10 jaar	Bedrijfsaankondigingen	SEC-formulier 8-K

Analist	Instelling
David Maris	BMO Capital Markets Equity Research
Louise Chen	Cantor Fitzgerald & Co.
Donald Ellis	Citizens JMP Securities, LLC

This company has been acquired

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Recent updates

Revance Therapeutics Common Stock to Delist from Nasdaq Global Select Market

Revance Therapeutics, Inc.(NasdaqGM:RVNC) dropped from NASDAQ Composite Index

Crown Laboratories, Inc. completed the acquisition of Revance Therapeutics, Inc. (NasdaqGM:RVNC).

Revance Therapeutics, Inc.(NasdaqGM:RVNC) dropped from NASDAQ Biotechnology Index

Teoxane S.A. cancelled the acquisition to acquire all remaining stake in Revance Therapeutics, Inc. (NasdaqGM:RVNC).

Teoxane S.A. submitted a proposal to acquire all remaining stake in Revance Therapeutics, Inc. (NasdaqGM:RVNC) for $360 million.

Holzer & Holzer, Llc Files Class Action Lawsuit Against Revance Therapeutics, Inc

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Crown Laboratories, Inc. entered into a merger agreement to acquire Revance Therapeutics, Inc. (NasdaqGM:RVNC) for approximately $720 million.

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New minor risk - Profitability

No longer forecast to breakeven

Price target decreased by 17% to US$13.58

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Forecast to breakeven in 2026

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Insufficient new directors

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Price target decreased by 14% to US$23.17

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New minor risk - Profitability

Revance Therapeutics, Inc. Reports Consolidated Impairment for the Quarter Ended September 30, 2023

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Price target decreased by 18% to US$29.25

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Price target decreased by 7.1% to US$33.67

Revance Therapeutics, Inc. to Report Q3, 2023 Results on Nov 08, 2023

New minor risk - Share price stability

Price target decreased by 9.0% to US$36.25

Consensus EPS estimates fall by 13%

Senior VP notifies of intention to sell stock

U.S. FDA Approves First Therapeutic Indication for Revance's Daxxify (Daxibotulinumtoxina-Lanm) for Injection for the Treatment of Cervical Dystonia

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Second quarter 2023 earnings: EPS and revenues miss analyst expectations

CEO & Director notifies of intention to sell stock

Revance Therapeutics, Inc. to Report Q2, 2023 Results on Aug 08, 2023

CEO & Director notifies of intention to sell stock

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CEO & Director notifies of intention to sell stock

CFO & Principal Accounting Officer notifies of intention to sell stock

CEO & Director recently sold US$2.4m worth of stock

Forecast to breakeven in 2025

CEO & Director notifies of intention to sell stock

First quarter 2023 earnings: EPS and revenues exceed analyst expectations

CFO & Principal Accounting Officer notifies of intention to sell stock

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CFO & Principal Accounting Officer notifies of intention to sell stock

CEO & Director recently sold US$2.2m worth of stock

No longer forecast to breakeven

CEO & Director notifies of intention to sell stock

Consensus estimates of losses per share improve by 12%

CFO & Principal Accounting Officer notifies of intention to sell stock

Forecast to breakeven in 2025

Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behind

CFO & Principal Accounting Officer notifies of intention to sell stock

Forecast to breakeven in 2025

CFO & Principal Accounting Officer notifies of intention to sell stock

Forecast to breakeven in 2025

Revance Announces U.S. FDA Acceptance of Supplemental Biologics License Application for Daxxify (Daxibotulinumtoxina-Lanm) for Injection for the Treatment of Cervical Dystonia

Revance Therapeutics (NASDAQ:RVNC) Is Making Moderate Use Of Debt

Consensus forecasts updated

Third quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind

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