Revance Therapeutics Inc., the Newark, Calif.-based biotechnology company developing a product that would compete with Allergan PLC's Botox, is looking to raise $100 million.
Botox is by far the most recognized and sought-after aesthetic injectable in the U.S. and around the world, helping rake in $3.17 billion in revenues for Allergan during 2017.
Revance Therapeutics is developing a version of the drug that has shown a longer duration than Botox. Duration is an important factor in the injectable aesthetics space as it allows patients the desired result with fewer treatments.
The funds will help advance the development of Revance's product while helping the company meet its working capital and general administrative cost requirements.
Goldman Sachs & Co. LLC, Cowen and Piper Jaffray are acting as book-running managers for the proposed offering.