Crown Laboratories finalises acquisition of Revance Therapeutics, strengthening its global skincare leadership

Crown Laboratories, Inc., a global leader in the skincare and aesthetics industry, has officially completed its acquisition of Revance Therapeutics, Inc., a biotechnology company recognised for its innovative aesthetic and therapeutic solutions. The acquisition, finalised on February 4, 2025, marks a pivotal moment for Crown Laboratories, reinforcing its position as a dominant player in the competitive global skincare market.

This acquisition was completed through a tender offer followed by a second-step merger, enabling Crown Laboratories to expand its product portfolio and strengthen its commercial footprint across both aesthetic and therapeutic skincare sectors. The move is expected to significantly enhance Crown’s ability to deliver science-backed, innovative solutions to healthcare providers, aesthetic practices, and consumers worldwide.

What does Crown Laboratories’ acquisition of Revance Therapeutics mean for the skincare industry?

The acquisition of Revance Therapeutics is a strategic milestone for Crown Laboratories and the broader skincare industry. By merging Revance’s advanced biotechnology expertise with Crown’s established skincare solutions, the company aims to set new industry standards in product innovation and customer engagement. This acquisition aligns with Crown’s long-term growth strategy, which focuses on expanding its global presence and driving forward advancements in both aesthetic and therapeutic skincare solutions.

Jeff Bedard, Founder and Chief Executive Officer of Crown Laboratories, highlighted the transformative potential of the acquisition, noting that it significantly strengthens Crown’s leadership within the aesthetics market while enhancing its capacity to meet evolving customer demands. According to Bedard, the integration will allow Crown to deliver a comprehensive portfolio rooted in the three fundamental pillars of facial aesthetics—relax, restore, and regenerate. Supported by a highly trained and experienced sales force, Crown Laboratories is positioned to create substantial long-term value for its stakeholders. This acquisition, Bedard emphasised, reflects Crown’s commitment to not just growth, but to setting new benchmarks for innovation in the skincare industry.

How was the acquisition deal structured?

The acquisition was structured through a tender offer made by Crown Laboratories to purchase all outstanding shares of Revance Therapeutics. The offer, priced at $3.65 per share in cash, net to stockholders without interest and less applicable tax withholdings, expired on February 4, 2025. As of the offer’s expiration, approximately 82% of Revance’s outstanding shares had been validly tendered and were subsequently accepted for payment. This high level of participation underscored shareholder support for the transaction despite the revised pricing from initial announcements.

Following the tender offer, Crown Laboratories completed the acquisition via a second-step merger, effectively making Revance Therapeutics a wholly owned subsidiary. This merger process enabled Crown to consolidate its ownership without requiring additional shareholder votes. As a result of the acquisition, Revance’s common stock has been delisted from the NASDAQ Global Select Market and deregistered under the Securities Exchange Act of 1934. This move reflects Crown’s strategic focus on simplifying operational structures and eliminating the regulatory complexities associated with maintaining a publicly traded entity.

The acquisition price saw significant adjustments from its initial announcement. Originally set at $6.66 per share in August 2024, the offer was later revised to $3.65 per share to reflect changes in Revance’s financial performance, legal obligations, and market conditions. This adjustment was unanimously approved by Revance’s board of directors, signalling their belief in the strategic rationale of the deal despite the revised valuation.

Why was the acquisition price reduced?

The reduction in the acquisition price from $6.66 per share to $3.65 per share was driven by a combination of legal, financial, and strategic factors. One of the key issues influencing the renegotiation was a legal dispute between Revance Therapeutics and Teoxane, its strategic partner. Teoxane had alleged that Revance breached the terms of their exclusive distribution agreement, leading to legal proceedings that raised concerns about Revance’s commercial stability and future growth prospects. Although the dispute was eventually settled, the incident had a lasting impact on Revance’s valuation.

In addition to the legal challenges, Revance experienced weaker-than-expected commercial performance relative to its 2024 financial projections. This underperformance resulted in the withdrawal of its financial guidance, signalling to investors and potential acquirers that the company’s growth trajectory was uncertain. Crown Laboratories, recognising these risks, adjusted its offer accordingly to reflect the new financial realities.

Broader market conditions also played a role in the revised pricing. Shifts in the biotechnology sector, fluctuating investor confidence, and changing macroeconomic factors contributed to the renegotiation of the deal terms. Despite these challenges, Crown remained committed to the acquisition, underscoring its belief in the long-term strategic value of Revance’s innovative product pipeline and biotechnology capabilities.

What strategic advantages will Crown Laboratories gain?

The acquisition of Revance Therapeutics is expected to deliver substantial strategic benefits for Crown Laboratories. One of the most significant advantages is the expansion of Crown’s product portfolio. By integrating Revance’s aesthetic and therapeutic offerings, Crown will be able to provide a more comprehensive range of skincare solutions, addressing a broader spectrum of customer needs in both the medical and consumer markets. This diversification strengthens Crown’s competitive position and reduces its reliance on any single product line.

In addition to product expansion, the acquisition enhances Crown’s ability to innovate. Revance’s expertise in biotechnology and aesthetic innovations will complement Crown’s existing research and development efforts, accelerating the development of next-generation skincare products. This synergy is expected to foster a culture of scientific excellence and innovation, positioning Crown at the forefront of industry advancements.

Furthermore, the acquisition strengthens Crown’s global market presence. By leveraging Revance’s established distribution networks and customer relationships, Crown can expand its footprint in key markets, particularly in the United States and Europe. The deal also supports Crown’s growth ambitions in emerging markets, where demand for advanced skincare solutions continues to rise.

Andrew Goldman and David Solomon, Co-Founders and Managing Partners at Hildred Capital, expressed strong confidence in the long-term potential of the combined company. They noted that the integration of Crown Laboratories and Revance Therapeutics will create a powerful player in the skincare and aesthetics industry, capable of driving sustainable growth and delivering exceptional value to stakeholders.

Who were the key advisors in the acquisition process?

Crown Laboratories was supported by a team of experienced financial and legal advisors throughout the acquisition process. Leerink Partners and PJT Partners served as financial advisors, providing strategic guidance on deal structuring, valuation, and negotiations. Their expertise was instrumental in navigating the complexities of the transaction and ensuring that Crown achieved favourable terms.

Legal counsel was provided by Kirkland & Ellis LLP and Lowenstein Sandler LLP, who advised on regulatory compliance, antitrust issues, and commercial agreements. The legal teams played a critical role in addressing the legal challenges associated with the deal, including the settlement of disputes with Teoxane and the regulatory requirements related to delisting Revance’s shares from the NASDAQ.

The Kirkland & Ellis team was led by corporate lawyers specialising in mergers and acquisitions, supported by experts in investment funds, debt finance, executive compensation, capital markets, antitrust law, and litigation. This multidisciplinary approach ensured that all legal and financial risks were thoroughly evaluated and managed, contributing to the smooth and successful completion of the transaction.

What’s next for Crown Laboratories and Revance Therapeutics?

With the acquisition now complete, Crown Laboratories will focus on integrating Revance’s operations to realise the full potential of the combined company. This integration process will involve aligning business strategies, consolidating operations, and leveraging synergies to drive growth and innovation. Crown plans to invest in research and development, expand its sales and distribution capabilities, and strengthen partnerships with key stakeholders, including Teoxane.

The company is also committed to supporting its employees, customers, and partners throughout the transition. By fostering a culture of collaboration and innovation, Crown aims to create an environment where both companies can thrive together. The ultimate goal is to deliver superior skincare solutions that improve lives, backed by scientific research and clinical expertise.

Looking ahead, Crown Laboratories remains focused on its mission to advance skin health globally. The acquisition of Revance Therapeutics is a significant step in this journey, positioning the company for continued success in the dynamic and rapidly evolving skincare and aesthetics industry.