In a significant move within the medical aesthetics industry, Crown Laboratories has announced its plans to merge with Revance Therapeutics in a deal valued at $924 million. Crown Laboratories, recognized for its Blue Lizard sunscreen and Strivectin skincare line, aims to leverage Revance’s expertise in injectables, including popular hyaluronic acid fillers and its Botox alternative, Daxxify.

The merger will see Crown offer $6.66 per share for all outstanding shares of Revance, marking an impressive 111% premium on the stock’s average price over the last 60 days. Upon finalization of the transaction, expected by the end of the year, Revance will be delisted from the Nasdaq and transformed into a private company.

Despite a 20% increase in net revenue reaching $65.4 million in Q2, Revance has faced challenges, including a staggering accumulated deficit of $2.2 billion since its inception in 2002. This merger presents a strategic opportunity for both companies. Jeff Bedard, Crown’s CEO, stated that this union aligns with their ambition of becoming a fully integrated global aesthetics and skincare leader.

As the aesthetics market regains momentum following the pandemic, highlighted by L’Oréal’s recent investment in Galderma, this merger is poised to reshape the landscape of cosmetic products and expand access to advanced treatments in the beauty sector.