Galderma Backers Set to Raise $3.3 Billion in Fresh Selldown
(Bloomberg) — A trio of shareholders in Galderma Group AG led by EQT AB are looking to sell an 8.4% stake in the Swiss skincare company, the latest selldown in a stock that has soared on the back of high demand for beauty products.
The investors, which also include the Abu Dhabi Investment Authority and Auba Investment Pte, are offering about 20 million shares through an overnight placement, according to terms seen by Bloomberg. The shares are expected to be sold at 130 Swiss francs each, a 6.9% discount to Monday’s close, the terms showed, resulting in proceeds of about 2.6 billion francs ($3.3 billion).
The stock sale is the latest in a string of similar deals since Galderma went public in March last year. It comes after the company reported a 22% jump in net sales to $1.29 billion in the third quarter, leading it to raise its guidance for the full year.
Shares of the Swiss skincare firm gained last week after it lifted its sales and margin guidance, driven by the continued outperformance of its blockbuster medicine Nemluvio, particularly in the US.
Chief Executive Officer Flemming Ornskov recently said he’s optimistic about growth in the company’s US market despite the Trump administration’s tariffs. Galderma’s injectable aesthetics available in the US are produced in the UK and continental Europe.
Since it began trading in March last year, the company’s shares have gained more than 160%, making it one of the most successful recent initial public offerings in Europe. Both its therapeutic dermatology offerings including Nemluvio, Cetaphil and Alastin as well as its botox-like products and fillers are popular and gaining market share.
Demand has recently also been boosted by emerging trends in aesthetics, particularly the new demand for fillers and biostimulatory products to address saggy-skin issues created by blockbuster GLP-1 based weight-loss drugs.
Morgan Stanley, Goldman Sachs Group Inc., UBS Group AG, Bank of America Corp., Citigroup Inc. and Jefferies Financial Group Inc. are leading the offering.
(Adds details on US market outlook in fifth paragraph. A previous version corrected to remove description of Nemluvio as a cream in fourth paragraph.)
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