M&A · Healthcare · Pharmaceutical Preparations
Crown Laboratories, Inc. to acquire Revance Therapeutics, Inc.
Announced Aug 12, 2024 · Closed Feb 6, 2025
Deal value$924MEV $924M
Premium89.0%To unaffected price
EV / Adj. EBITDA—3.8x EV / Revenue
ConsiderationAll cash$6.66 per share
Transaction
- Acquirer
- Crown Laboratories, Inc.
- Target
- Revance Therapeutics, Inc. (RVNC)
- Buyer type
- Strategic
- Offer price per share
- $6.66
- Enterprise value
- $924M
- Status
- Closed Feb 6, 2025
Deal protections
- Break fee (target pays)
- $28.8M · 3.1%
- Reverse fee (buyer pays)
- $43.1M · 4.7%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- PJT Partners, Leerink Partners
- To the target
- Centerview
- Centerview fee
- $18.5M
Sector context · Healthcare
- Comparable deals
- 104 in the prior 24 months
- Premium
- 89.0% vs. 63.5% sector median
- EV / Adj. EBITDA
- Sector median 17.2x
- Break fee
- 3.1% vs. 3.5% sector median
Timeline
- AnnouncedAug 12, 2024
- Tender offerDec 12, 2024
- ClosedFeb 6, 2025
Valuation · fairness opinions
Trading comparables$2.20$5.35
Precedent transactions$2.95$6.10
Discounted cash flow$1.25$4.05
Analyst price targets$6.00$25.00
Premiums paid$4.25$5.45
Offer $6.66
Implied value per Revance Therapeutics, Inc. share by analysis, from Centerview · DCF discount rate 12%–14%.