Revance agrees to lower priced buyout offer by Crown Laboratories (updated)

Revance Therapeutics

09/12/2024 14:28

(Adds background on deal throughout)
       Dec 9 (Reuters) - Anti-wrinkle injection maker Revance
Therapeutics  RVNC.O  has agreed to be bought for $3.10 per
share by privately held Crown Laboratories, instead of the $6.66
per share agreed previously, the two companies said on Monday.
    Shares of Revance were down 20.4% in premarket trade.
    The companies expect the transaction to close in the first
quarter of 2025.
        The offer was reduced after Revance said in September it
received a notice for a breach of its exclusive distribution
agreement for Teoxane's dermal fillers. This led to Crown and
Revance extending the date to close the deal first announced in
August.
  

 (Reporting by Puyaan Singh in Bengaluru; Editing by Vijay
Kishore)
 ((Puyaan.Singh@thomsonreuters.com;))