Revance Therapeutics (NASDAQ:RVNC) stock is on the rise Monday after the biotechnology company announced a merger agreement with private skincare company Crown Laboratories.
Crown Laboratories agreed to acquire Revance Therapeutics for $924 million. The deal is set to close by the end of 2024 and will remove RVNC stock from public trading.
Crown Laboratories will acquire Revance Therapeutics by buying all outstanding shares of RVNC stock. It will pay $6.66 per share in cash for the stock. This represents a roughly 88.7% premium over the stock’s prior closing price.
Jeff Bedard, founder and CEO of Crown Laboratories, said the following about the deal:
“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.”
RVNC Stock Reactions Today
Investors are celebrating the acquisition news with heavy trading of RVNC stock. As of this writing, more than 50 million shares have changed hands, well above the company’s daily average trading volume of about 2 million shares.
RVNC stock is up 86.4% as of Monday afternoon.
Below are more stock market stories traders need to know about on Monday!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
