Galderma Group plans to launch $2.3 billion IPO on the Swiss stock exchange

Galderma Group AG, the global leader in dermatology, announced on Wednesday that it intends to launch an Initial Public Offering (IPO) on the SIX Swiss Exchange, as part of its ambitious growth strategy.

The company, which was founded in 1981 as a joint venture between L’Oréal and Nestlé, aims to raise about 2.3 billion USD from the IPO, and use the proceeds to repay and refinance its debt, and to invest in its organic growth.

Galderma, which became an independent company in 2019, has a strong consumer heritage and a deep science foundation in dermatology. It offers a comprehensive portfolio of products and solutions for skin health, ranging from prescription medicines and aesthetic treatments, to consumer care brands such as Cetaphil and Proactiv.

The company has been outperforming the market, with a net sales growth of 8.5% on a constant currency basis in 2023, reaching a record of 4,082 M USD. It expects to continue growing faster than the market, driven by its innovative biologic launches and its integrated dermatology platform.

Galderma is also committed to social and environmental sustainability, as it believes that the health of everyone’s skin is a reflection of the world we live in. The company has set ambitious targets to reduce its carbon footprint, water consumption, and waste generation by 2030.

The IPO is expected to consist mainly of new shares issued by the company, and a smaller portion of existing shares sold by its current shareholders, Sunshine SwissCo AG (EQT). EQT and some of the other shareholders are expected to grant an over-allotment option to the underwriters.

The IPO is expected to be open to the public in Switzerland, and to qualified institutional buyers in the United States and other jurisdictions, subject to the applicable securities laws and regulations.

Flemming ørnskov, Chief Executive Officer, said, “Today marks the next step in our growth journey as the global dermatology category leader. Since becoming an independent company in 2019, we have built a scalable integrated platform and established the foundation for our strong sustainable growth in attractive dermatology markets. With a proven strategy and track record of strong financial performance, Galderma aims to maintain consistent above-market growth and attractive margin expansion in the mid-term, as we continue to drive penetration and expansion of our portfolio for the patients, consumers, and healthcare professionals we serve.”

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