Crown Laboratories Buys Revance Therapeutics for $924 Million

New merger for the aesthetic market. Crown Laboratories, a private company specializing in skin care, has bought the biotechnology company focused on aesthetic and therapeutic offerings Revance Therapeutics for $924 million (846 million euros) after reaching an agreement between both companies for the operation, as reported by Reuters.

Crown Laboratories has made the transaction in an effort to gain a bigger presence in the beauty products market. Revance makes Daxxify, a rival to US biotech company AbbVie’s anti-wrinkle injection Botox. The skincare company, meanwhile, makes facial and beauty care products.

Crown Laboratories offered $6.66 (about six euros) for each Revance share in cash , which represents a premium of almost 89% compared to the last close of its shares. The biotechnology company’s shares rose 83% to $6.47 (5.9 euros) per share before the market opened.

The transaction is expected to close by the end of the year and Revance shares will no longer be publicly traded on Nasdaq once closed. With this merger, Crown Laboratories and Revance will add more than 10,000 medical professionals, retailers and an e-commerce channel. In the second quarter of the year, Daxxify’s company recorded sales of $28.7 million (€26.3 million), an increase of 27% compared to 2023.

Besides the merger between Crown Laboratories and Revance Therapeutcisc, in recent weeks, other companies have also been merged

Biotech companies Recursion and Exscientia have reached an agreement to create a technology-based drug discovery entity with full capabilities. Under the name Recursion, operational complementarities are expected to produce annual synergies of approximately $100 million.

Recursion is a clinical-stage technology-driven biotechnology company that decodes biology to industrialize drug discovery. Exscientia is a technology-driven clinical-stage drug design and development company.

In an official statement, the companies highlighted that “the merger brings together Recursion’s translational and biologics exploration capabilities at scale with Exscientia’s precision chemical design and automated small molecule synthesis capabilities.” Both companies expect to complete approximately ten clinical trials over the next eighteen months .

The merger of Recursion and Exscientia is also expected to boost collaborations with biopharmaceutical companies such as Roche-Genentech, Sanofi, Bayer and Merck KGaA.

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