Revance Therapeutics, Inc., a Calif.-based commercial-stage biotechnology company focused on innovative aesthetic and therapeutic offerings, announces the closing of a $300 million note purchase agreement with funds managed by Athyrium Capital Management, LP, a healthcare-focused investment firm.

“We are pleased to be partnering with Athyrium on a non-dilutive financing that substantially strengthens our financial position ahead of the potential FDA approval of our lead drug product, DaxibotulinumtoxinA for Injection for glabellar lines,” says Tobin Schilke, chief financial officer of Revance. “With an FDA approval, the facility can extend our cash runway into 2024, positioning us to execute on our strategic priorities for growth.”

“Revance is set to become a formidable player in the thriving aesthetics market with their innovative product and services portfolio, differentiated commercial strategy and proven ability to execute,” adds Mark Kavulich, partner at Athyrium. “We look forward to a long-term partnership with Revance to further their growth, particularly as they seek FDA approval for their highly anticipated neuromodulator, which is expected to create a new category in long-acting aesthetic neuromodulators.”

Terms of Purchase

The $300 million note purchase agreement includes three tranches, subject to the terms and conditions of the note purchase agreement:

  1. First tranche note of $100 million.
  2. Second tranche note of $100 million available within 18 months after the closing of the note purchase agreement, subject to certain conditions including the FDA approval of DaxibotulinumtoxinA for Injection for glabellar lines.
  3. Uncommitted third tranche note, of up to $100 million available until March 31, 2024, subject to certain conditions including the achievement of greater than or equal to $50 million in trailing 12 months revenue for DaxibotulinumtoxinA for Injection for glabellar lines, preceding the date of the draw request for the third tranche note.

Revance issued the first tranche note of $100 million at the closing of the note purchase agreement. J. Wood Capital Advisors acted as the financial advisor to Revance on the transaction.