Revance Therapeutics, Inc. (NASDAQ:RVNC), a Delaware-incorporated biopharmaceutical company with a market capitalization of $391 million, disclosed in a recent SEC filing that its partner, Shanghai Fosun Pharmaceutical (TADAWUL:2070) Industrial Development Co. Ltd., received approval from China's National Medical (TASE:PMCN) Products Administration.
The approval, granted on November 22, 2024, is for the biologics license application of DaxibotulinumtoxinA for Injection, which is intended for the treatment of cervical dystonia in adult patients. According to InvestingPro analysis, the company's stock appears undervalued despite facing significant challenges, including a 57% decline year-to-date.
In addition to this development, Revance also announced an extension of the tender offer commencement date related to its ongoing merger discussions with Crown Laboratories, Inc. and Reba Merger Sub, Inc., collectively referred to as the Buyer Parties. InvestingPro data reveals the company's challenging financial position, with an EBITDA of -$187.6 million in the last twelve months and a concerning cash burn rate.
In other recent news, Revance Therapeutics has announced several significant developments. The company has reported a 20% increase in total net revenue, reaching $65.4 million, primarily due to increased unit sales and a rise in net product revenue in its aesthetics division.
Further, Revance's product, DaxinbotulinumtoxinA for Injection, received approval from China's National Medical Products Administration, marking a significant expansion into the Chinese market.
Revance is also in the process of merging with Crown Laboratories, a private global skincare company, in a deal valued at approximately $924 million. However, this proposed merger has led to downgrades of Revance's stock rating by William Blair and Stifel to Market Perform and Hold, respectively. Despite these downgrades, Mizuho (NYSE:MFG) maintains a Neutral rating on Revance shares.
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