EQT AB–backed Swiss skincare company Galderma surged on its first day of trading, trading as high as 18% to 62.68 francs. It was the largest IPO placement volume in Switzerland since 2017 and could be one of the biggest flotations in Europe this year.

WHO: Galderma is the world's largest independent dermatology company, spun out of Nestlé in 2019 when a consortium led by private equity house EQT and including Singapore's GIC and the Abu Dhabi Investment Authority acquired the Nestlé Skin Health unit for $10 billion and rebranded it as Galderma. Since its inception in 1981, the business has been driven by a dedication to dermatology, delivering an innovative, science-based portfolio of sophisticated brands and services across aesthetics, consumer care, and prescription medicine. Galderma’s portfolio of flagship brands includes Restylane, Dysport, Azzalure, Alluzience, and Sculptra in injectable aesthetics; Cetaphil and Alastin in dermatological skincare; and Soolantra, Epiduo, Differin, Aklief, Epsolay, Twyneo, Oracea, Metvix, Benzac and Loceryl in therapeutic dermatology.

WHY: Sale is success for EQT, which had eyed an IPO since 2021; Galderma plans to repay debt with the offering proceeds.

IN THEIR OWN WORDS: Flemming Ørnskov, MD, MPH, Chief Executive Officer of Galderma, said, “As the newest member of SIX Swiss Exchange, I am proud that Galderma’s IPO has been such a success. Galderma has continually developed its market leading position by advancing dermatology for every skin story. As we begin trading today, I want to thank every single person in our business for their unwavering commitment over the years—without it, Galderma wouldn’t have achieved the success we have to date. We have a great future ahead of us as a listed company delivering cutting-edge, premium products to our customers across the full spectrum of dermatology through Injectable Aesthetics, Dermatological Skincare and Therapeutic Dermatology.”

Jos Dijsselhof, CEO SIX, emphasized, “We are delighted to welcome Galderma to the SIX family. With this new addition, we are further strengthening our position as the leading go-to exchange in Europe for companies at the intersection of consumer and healthcare. I wish Galderma every success as a public company and look forward to partnering with Galderma on their future capital market endeavors.”

DETAILS:

• Galderma was established in 1981 as a joint venture between L’Oréal and Nestlé. 
• Galderma priced its initial public offering at 53 Swiss ($59.77) per share, giving it a market value of CHF12.6 billion ($14 billion), the top end of a marketed range.
• Shares will trade under the ticker symbol GALD in the Swiss Stock Exchange SIX.
• For 2024, the group expects its sales to gain 7 to 10 percent at constant exchange versus 2023.
• In 2023, the company generated sales of $4.08 billion, up 8.5 percent on a constant-currency basis year on year.
• In March 2022, Taro Pharmaceutical Industries acquired Alchemee, formerly The Proactiv Company, from Galderma.
• In December 2021, Galderma acquired Alastin Skincare.
• In 2019, EQT Partners investment group and a wholly owned subsidiary of the Abu Dhabi Investment authority purchased the skincare company, then called Nestlé Skin Health, for an enterprise value of 10.2 billion Swiss francs. Afterward, the group was rebranded as Galderma again.
• In 2014, Nestlé acquired L’Oréal’s 50% stake in Galderma.