The option period will extend through the end of Phase II testing in the US. In consideration of investment, Medicis will receive preferred stock equivalent to nearly 10% ownership in Revance on a fully diluted basis. The Medicis investment is part of a $43.2 million closing of a Series C financing completed by Revance.
Additionally, Medicis has committed to make further equity investments in Revance of up to $5 million under certain terms and prior to the exercise of the option to acquire Revance or to license botulinum toxin type A product. Medicis and Revance have also agreed to engage in exclusive negotiations regarding a development program relating to the application of Revance’s proprietary drug delivery technology to other agents and selected dermatological targets.
Jonah Shacknai, chairman and CEO of Medicis, said: “We are pleased to announce our collaboration with Revance. The early-stage technology of Revance’s novel delivery of botulinum toxin type A topically for aesthetic purposes is of particular interest to us for our aesthetic product pipeline. We believe the application of botulinum toxin type A without an injection could dramatically expand the usage of the treatment, and expand the market even more rapidly than it is growing today.”