Biotech Values

[TwoNE1]

No details on the terms of the capped call.

In connection with the pricing of the notes, Revance entered into capped call transactions with one of the initial purchasers or their affiliates and another financial institution (the "option counterparties"). The capped call transactions are expected generally to reduce the potential dilution to Revance's common stock upon conversion of the notes and/or offset any cash payments Revance is required to make in excess of the principal amount of converted notes, as the case may be, with such reduction and/or offset subject to a cap initially equal to $48.88 per share (which represents a premium of 100% over the last reported sale price of Revance's common stock on The Nasdaq Global Market on February 11, 2020). If the initial purchasers exercise their option to purchase additional notes, Revance expects to use a portion of the net proceeds from the sale of the additional notes to enter into additional capped call transactions with the option counterparties.