Crown Laboratories merges with Revance Therapeutics to create "industry-leading" portfolio of skin health and aesthetic brands

Global skincare company Crown Laboratories has entered a merger agreement with biotechnology company Revance Therapeutics.

Under the terms of the agreement, Crown Laboratories will acquire all outstanding shares of Revance's common stock for $6.66 per share in cash, representing a total enterprise value of $924 million.

Established in 2000, Crown Laboratories is a global skincare company committed to "developing and providing a diverse portfolio of aesthetic, premium and therapeutic skincare products that improve the quality of life for its consumers throughout their skincare journey".

Its merger with Revance, which is expected to close by year end, promises to create an "industry-leading portfolio of 10+ cutting-edge skin health and aesthetic brands", and one of the largest distribution footprints in skincare across medical, retail and e-commerce channels.

Jeff Bedard, Founder and CEO of Crown Laboratories, said: "This is a significant step forward in Crown's vision to become a fully integrated global aesthetics and skincare company, bringing innovative solutions to physicians, patients and consumers in the incredibly dynamic aesthetics and skincare market.

"Revance has an impressive track record in developing innovative aesthetics offerings that will complement Crown's innovative line of skincare products.

"As a combined company, we have the opportunity to create a comprehensive portfolio of high-growth products for all stages of life.

Mark J. Foley, President and CEO  of Revance, added: "Over the past several years, Revance has brought to the market innovative aesthetic and therapeutic offerings that have elevated patient and physician experiences.

"We are excited about this transaction and to be joining forces with Crown, which will enable us to broaden our provider network as well as provide us with an expanded portfolio of products.

"We also believe that the merger provides substantial value for our stockholders. Crown shares our commitment to innovation and scale and will help us accelerate our growth. Scale and product breadth are important factors in the markets in which we compete and, by combining with Crown, we will be able to offer our customers a more compelling range of products and services while, at the same time, benefiting from the combined strength of our collective organisations."