Revance Therapeutics Inc. priced its underwritten public offering of 5,882,353 common shares at $17 apiece.
The Newark, Calif.-based biotechnology company expects to raise about $100 million in gross proceeds from the offering. It has also granted the underwriters an option to buy up to an additional 882,352 shares.
Revance, which is developing a product that would compete with Allergan PLC's Botox, plans to use the proceeds for working capital and general corporate purposes. The funds will also cover expenses related to clinical trials, research and development, general and administrative activities and capital investments.
The offering is expected to close Jan. 22.
Goldman Sachs & Co. LLC and Cowen and Piper Jaffray are acting as joint book-running managers for the offering, with Guggenheim Securities as lead manager.