EQT is pleased to announce that EQT VIII (“EQT Private Equity”) portfolio company Galderma Group AG (“Galderma” or the “Company”) has successfully priced its initial public offering (“IPO”), at the upper end of the pricing range, and began trading today on the SIX Swiss Exchange. At an IPO price of CHF 53 per share, the total offering size is expected to be CHF 2.3 billion (USD 2.6 billion), assuming the overallotment option is exercised in full. The share price closed at CHF 64 per share at the end of the first trading day, implying a market capitalization of CHF 15 billion (USD 17 billion)

EQT Private Equity together with a consortium of co-investors including a wholly-owned subsidiary of ADIA, GIC, and PSP Investments carved-out Galderma from Nestlé in October 2019 following a strategic review. With EQT’s and its co-investor’s support over the past five years Galderma has made continuous investments into the commercial platform and into R&D, where investments increased from around USD150m in 2018, the year prior to the acquisition, to nearly USD300m in 2023. In doing so, Galderma has significantly strengthened its scientific expertise and advanced its pipeline across product categories, including the successful completion of the phase III clinical trials of two novel biologic candidates, which are now in the registration phase and are expected to further boost growth in its Injectable Aesthetics and Therapeutic Dermatology product categories.

Led by CEO Flemming Ørnskov, M.D., MPH, who was appointed following EQT’s acquisition, Galderma has built a scalable integrated platform and is fully dedicated to dermatology, the fastest-growing ‘self-care’ market. It has leading positions across three of the most attractive market segments – Injectable Aesthetics, Dermatological Skincare and Therapeutic Dermatology – and a presence in more than 90 countries with one of the broadest portfolios of clinically proven flagship brands in dermatology. Galderma’s reach is enhanced through omni-channel execution, which includes a specialized salesforce of over 1,900 employees engaging with more than 110,000 healthcare professionals per year, a network of more than 270,000 retailers, retail stores and pharmacies, and strong social media and e-commerce presence.

This strategic transformation has led to strong acceleration in revenue growth, from mid-single digit annual growth in 2018, to 12 percent between 2019 and 2023. Additionally, despite the costs associated with developing and launching new products, core EBITDA margin saw a significant increase and Core EBITDA almost doubled under EQT's ownership.

Michael Bauer, Partner and Co-Head of EQT’s Global Healthcare Sector Team, commented: “When we acquired Galderma we were confident that the company could establish itself as a leading independent dermatology business. And yet management has exceeded our expectations. It’s been a pleasure to help get Galderma to this point and we look forward to continuing to support the company’s growth going forward.”

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