Galderma Backers Exit $6.3 Billion Stake in Record Swiss Sale
(Bloomberg) — A trio of Galderma Group AG shareholders exited their remaining 14.3% stake in the Swiss skincare company, in the largest ever overnight share sale in Switzerland.
The investors — which include buyout group EQT AB, Abu Dhabi Investment Authority and Auba Investment Pte. — sold 34 million existing shares and raised 4.89 billion Swiss francs ($6.28 billion), according to terms seen by Bloomberg.
Since Galderma went public in March 2024, its private equity backers have been taking advantage of the stock’s rally to offload shares. This week’s deal brings their steady stream of placements to a close in dramatic fashion with the biggest sale of existing shares in a listed European company in more than a decade, according to data compiled by Bloomberg.
Given expectations the backers would ultimately sell the stock, the backers’ remaining stake had “recently been flagged by investors as an overhang over the share price,” Vontobel analyst Stefan Schneider wrote. “This is out of the way now.”
Galderma’s shares traded down by as much as 2.9% on Wednesday morning, staying above the share sale price of €143.75. The stock has nearly tripled since its debut about two years ago.
The transaction size was increased overnight to include the shareholder’s whole stake, according to terms seen by Bloomberg, resulting in a sale nearly twice as large as any of their prior placings.
The offering comes after Galderma upgraded its financial guidance last week, driven by the expectation of higher sales from its injectable drug for dermatitis, a skin condition. The skincare company said it bought back about $300 million worth of stock as part of the transaction.
Citigroup Inc., Goldman Sachs Group Inc., Jefferies Financial Group Inc., JPMorgan Chase & Co., Morgan Stanley and UBS Group AG arranged the offering.
–With assistance from Lisa Pham and Levin Stamm.
(Updates throughout with final deal pricing, commentary and additional context throughout.)
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