By Dean Seal
Shares of Revance Therapeutics Inc. rose 15%, to $24, in premarket trading Thursday after the company received regulatory approval for a new antiwrinkle treatment expected to rival Botox.
The U.S. Food and Drug Administration granted approval for the biotechnology company's Daxxify, also known as daxibotulinumtoxinA, for the temporary improvement of frown lines in adults.
The approval establishes the upstart Revance as a competitor to industry giant AbbVie Inc., which acquired Botox in a $63 billion deal for its manufacturer in 2020. Botox has dominated the aesthetic-drug market for decades.
According to Revance, Daxxify lasts two months longer than Botox's four months.
Write to Dean Seal at firstname.lastname@example.org