Galderma Shareholders Raise $1.5 Billion in Stake Sale

(Bloomberg) — Shareholders of Galderma Group AG raised about 1.34 billion Swiss francs ($1.5 billion) from the sale of a roughly 6.3% stake in the Swiss skincare group.

Buyout group EQT AB, Abu Dhabi Investment Authority and Auba Investment Pte priced the sale of around 15 million shares at 89 Swiss francs each, according to terms seen by Bloomberg News. The price represented a 7.8% discount to the shares’ Monday close, Bloomberg calculations show.

Demand for the shares exceeded the stock available by multiple times, the terms showed. Galderma shares sank as much as 6.7% on Tuesday morning, hitting as low as 90.1 francs apiece.

The offering — which marked the latest in a string of sell-downs since the company went public a year ago — brought the shareholders’ combined ownership below 50%, according to the terms.

It comes amid a flurry of block sales in Europe as shareholders move to take advantage of high equity prices, despite recent market turmoil. 

Shares in Galderma were up 82% from the price of its initial public offering through Monday, even after subdued growth forecasts prompted the stock to drop last week.

Bank of America Corp., BNP Paribas SA, Goldman Sachs Group Inc., Morgan Stanley and UBS Group AG arranged the stock sale.

–With assistance from Allegra Catelli.

(Updates with stock reaction in third paragraph.)

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