Compelling Cash Proposal Provides 16% Premium
Over Revance's Amended and Restated Agreement with Crown
Laboratories
GENEVA, Jan. 6, 2025
/PRNewswire/ -- Teoxane SA today announced that on January 6, 2025, it submitted a proposal to the
Board of Directors of Revance Therapeutics, Inc. (Nasdaq: RVNC) to
acquire Revance for $3.60 per share
in cash. Teoxane beneficially owns 6.2% of the outstanding shares
of common stock of Revance.
Teoxane's proposal provides a 16% premium over the $3.10 per share price in Revance's amended and
restated merger agreement with Crown Laboratories, Inc. ("Crown"),
as announced on December 9, 2024.
Teoxane believes its proposal is a superior alternative to the
amended and restated transaction with Crown.
Teoxane has organized the resources to work as expeditiously as
possible toward a transaction with Revance and is prepared to
transact promptly. Teoxane has performed due diligence with
publicly available information and would have only limited and
specific confirmatory due diligence requirements. Teoxane already
possesses deep knowledge of Revance's operations and capabilities
via its existing commercial relationship: Teoxane's products
represent a material portion of Revance's current and prospective
revenues under the companies' existing Distribution Agreement.
Closing the transaction would be subject to any applicable
regulatory approvals, but Teoxane does not anticipate any
significant regulatory risks or delays, and notes that Teoxane's
U.S. sales are already conducted effectively entirely through
Revance's platform, and that there are no other known geographical
or portfolio overlaps today.
Teoxane has substantial cash on hand, is highly profitable, and
together with its financial advisor is already in discussions with
financing sources that are familiar with Teoxane and the sector in
order to secure committed financing for the transaction in a timely
manner, in parallel with the completion of due diligence. Teoxane
will obtain fully underwritten, binding commitment letters prior to
signing a definitive agreement, which will not contain a financing
contingency.
Jefferies LLC is acting as financial advisor to Teoxane, and
Davis Polk & Wardwell LLP in the
USA and Walder Wyss SA in
Switzerland are serving as legal
counsel.
A copy of the letter to the Revance Board of Directors has been
filed as part of Teoxane's Schedule 13D/A and is available at
www.SEC.gov.
About Teoxane SA
Teoxane, based in Geneva,
Switzerland, is an independent and privately-held leader in
the global medical aesthetics sector. Our dermal fillers,
manufactured with our signature RHA technology, are sold in over 90
countries, and we have over 600 employees around the world. We are
among the sector leaders in innovation, with 15 formulations
supported by over 180 patent titles in hyaluronic acid (HA). We are
consistently growing faster than market benchmarks in HA fillers,
with our product portfolio reaching the #2 position in the EU, #1
in the Middle East and (with
Revance's partnership) #3 in the U.S. In addition, Teoxane markets
a range of dermo-cosmetic products that will be launched in the
U.S. in 2025. For more information go to www.TEOXANE.com.
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SOURCE Teoxane SA