Revance surges on buyout by Crown Laboratories in $924 mln deal

Revance Therapeutics

12/08/2024 15:49

(Updates)
    ** Shares of anti-wrinkle injection maker Revance
Therapeutics  RVNC.O  jump 86.7% to over 5-month high of $6.59
    ** RVNC says private skincare company Crown Laboratories to
acquire RVNC in a take-private deal worth $924 million,
including debt
    ** Crown will acquire RVNC shares for $6.66 apiece in cash,
representing about 89% premium to the stock's last closing price
    ** Deal is expected to close by year-end
    ** Revance makes Daxxify, a rival to AbbVie's  ABBV.N 
popular anti-wrinkle injection Botox
    ** Stock now down ~25% YTD

 (Reporting by Mariam Sunny in Bengaluru)
 ((Mariam.ESunny@thomsonreuters.com;))