JWCA advises Revance Therapeutics, Inc. on its $300 million debt financing

March 2022 | Read press release

Transaction Background

Revance Therapeutics, Inc. (“Revance” or the “Company”) wanted to raise capital to help strengthen its balance sheet, fund continued pipeline development, and support the potential launch of DaxibotulinumtoxinA ("Daxi") for Injection for glabellar lines.

Revance engaged J. Wood Capital Advisors (“JWCA”) to advise on the financing.

Objectives:

• Secure non-dilutive, pre-approval capital ahead of catalysts in 2022, including the anticipated approval and launch of Daxi for Injection for glabellar lines

• Raise sizable amount of capital with built-in optionality that extends cash runway and maximizes financial flexibility

• Achieve attractive cost of capital while minimizing financial covenants and maximizing financial and operational flexibility for management

• Partner with well-respected, high-quality investor to provide further validation of Revance story

JWCA worked closely with Revance on financing alternatives and helped to:

• Analyze and negotiate pricing and terms that would allow Revance to best meet its objectives

• Advise Revance during documentation to optimize transaction

Results

• Revance successfully executed the non-dilutive debt financing at attractive terms, pricing, and flexibility, including a low fixed interest rate in a rising rate environment

• Achieved a financing outcome that balanced the company’s objectives and provided optionality with sizeable tranches upfront and at approval