Revance Therapeutics falls after agreeing lower-priced buyout deal

Revance Therapeutics

09/12/2024 14:55

** Anti-wrinkle injection maker Revance Therapeutics'
 RVNC.O  shares fall 20.9% to $3.02 
    ** RVNC says private skincare company Crown Laboratories
will buy it in an all-cash deal for $3.10 per share 
    ** The deal represents total equity value of about $325 mln
    ** The initial agreement, made in August, was for RVNC to be
acquired at $6.66 per share
    ** The offer was lowered after Revance received a notice
accusing it of violating an exclusive distribution agreement
from Teoxane in September
    ** After deal, RVNC will become a private company
    ** The new deal represents a discount of 18.9% to RVNC's
closing price on Dec. 6 
    ** Deal expected to close in Q1 2025
    ** As of last close, stock has fallen 56.5% YTD

 (Reporting by Kamal Choudhury in Bengaluru)
 ((Kamal.Choudhury@thomsonreuters.com;))