Galderma Shares Hold Value Even After $3.3 Billion Selldown
(Bloomberg) — Shares in Galderma Group AG traded above the offer price set in a 2.6 billion Swiss francs ($3.3 billion) overnight share sale, indicating strong demand for the beauty product maker’s stock.
The offering by a trio of shareholders led by EQT AB priced at 130 francs each, according to terms seen by Bloomberg, a 6.9% discount to Monday’s closing price. Still, shares were trading at about 138 francs apiece, around 1% lower than yesterday’s close.
The stock sale is the latest in a string of similar deals since Galderma went public in March last year. The steady trading in shares, even after a substantial selldown, is indicative of the demand for the stock, which has rallied since going public.
The selldown came 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.
The investors, which also include the Abu Dhabi Investment Authority and Auba Investment Pte, sold about 20 million shares through the overnight placement, the terms showed.
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% from the offer price, 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.
–With assistance from David Watkins.
(Adds pricing and latest trading. A previous version corrected to remove description of Nemluvio as a cream in fourth paragraph.)
©2025 Bloomberg L.P.
