09:16 AM EST, 12/09/2024 (MT Newswires) -- Revance Therapeutics ( RVNC ) and Crown Laboratories said Monday they amended their merger agreement to reduce Crown's tender offer for all outstanding Revance shares to $3.10 apiece in response to a dispute with Teoxane.

The companies previously agreed on a $6.66 per share price.

Revance and Teoxane, which alleged that Revance breached an exclusive distribution agreement, have reached a settlement and agreed to certain revised brand guidelines and minimum purchase commitments through 2029, according to a joint statement. The revisions are expected to have a material impact on Revance's future profitability and cash flows, the companies said.

Another reason for the amendment is that Revance as a standalone company will have to preserve its cash position with actions that could have negative impact on revenue growth, the companies added.

Revance shares plunged more than 20% in recent Monday premarket activity.