Revance Therapeutics Accepts Crown Increased Takeover Bid

Dow Jones01-21

By Colin Kellaher

Revance Therapeutics has accepted a sweetened bid from Crown Laboratories that raises the purchase price to $3.65 a share from $3.10.

Revance on Tuesday said it signed a revised merger agreement with privately held Crown, which has extended its tender offer for the Nashville, Tenn., biotechnology company to Feb. 4.

Crown raised its offer for Revance after Swiss medical-aesthetics company Teoxane, a key Revance customer, stepped in with a bid of $3.60 a share.

Crown last year agreed to buy Revance for $6.66 a share but later reduced the purchase price in part due to new agreements that Revance reached with Teoxane to resolve claims that Revance has breached a 2020 distribution agreement.

Revance shares closed Friday at $3.68, an indication that some investors might be expecting a bidding war for the company. The shares slipped 0.9% to $3.65 in premarket trading Tuesday.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

January 21, 2025 08:36 ET (13:36 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.

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