Teoxane makes higher offer for Botox rival maker Revance (updated)

Revance Therapeutics

06/01/2025 15:23

(Adds deal details in paragraphs 2,10 and background in
paragraphs 6 to 9)
       Jan 6 (Reuters) - Teoxane SA on Monday disclosed a
higher bid for Revance Therapeutics  RVNC.O , nearly a month
after the anti-wrinkle injection maker agreed to a buyout offer
from Crown Laboratories.  
    Geneva-based Teoxane, which already partners with Revance,
has offered $3.60 per share, compared with the $3.10 per share
in Crown's revised merger agreement on Dec. 9.
    Revance's shares jumped 16.5% in early trading on Monday.
    The bid from privately held Teoxane has an equity value of
about $376 million, according to Reuters calculations. The Crown
deal had an equity value of about $325 million.
    Revance declined to comment on Teoxane's offer.
    Last month, Revance, which makes a rival to AbbVie's
 ABBV.N  blockbuster product Botox, had agreed to be bought by
Crown at a roughly 50% lower price compared to an original
agreement signed in August.
    The lowered takeover price followed months of delay in the
deal after Revance faced a dispute with Teoxane. The companies
have had a distribution agreement since 2020.
    In September, Revance received a notice for breaching the
maximum allowed buffer stock levels and not adequately promoting
and selling Teoxane's dermal fillers as required by their
distribution agreement.
    Teoxane and Revance in October agreed to revised brand
guidelines and minimum purchase commitments through 2029.
    Teoxane said on Monday it did not anticipate any significant
regulatory risks or delays with the deal as Teoxane's U.S. sales
are already conducted entirely through Revance's platform.





    

 (Reporting by Christy Santhosh in Bengaluru; Editing by
Shinjini Ganguli and Sriraj Kalluvila)
 ((Christy.Santhosh@thomsonreuters.com;))